The WSJ reports and every dealer on the street reports that Kushner has worked out a deal on 666 Fifth Avenue. They're going to take a 9.5% haircut back as a B note, Vornado is going to be a partner (improving the ownership) and the coupon is going to be reduced.
Boo, for IOs and deep credit, but huge positive for seniors and mezz portions of the CMBS deals: GECMC 2007-C1, WBCMT 2007-C31, and WBCMT 2007-C33. All of which I own some of and two of which I've had heavy reverse inquiry on the last few days.
*So far, I haven't seen any precise information on what the new coupon is or whether the special has formally confirmed the deal.
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3 comments:
Vornado in as equity partner in workout of LNR special serviced loan; i'm sure VNO's stake in LNR had nothing to do with it..
Anon: VNO is going to be involved in any NYC large office transaction, although I agree that they get first look. WBCMT 2007-C33: what's the story with 3-Boro? Are there mechanics and tax liens? It's specially serviced but that's about all she wrote.
Regarding 3 Boro - I don't know - it sounds like there are 1-2mm of liens. This loan has institutional sponsorship but it was basically a rent-control-flip story and its so spread out. I'm putting my money that they lose it in foreclosure, but perhaps they have the pull to get a modification on it.
I just happened to be looking at my C33 notes and saw your comment from last month...
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