Friday, December 16, 2011

666 Fifth Avenue Modified

They managed to get 666 Fifth Avenue modified down into senior $1.1 billion senior note and the rest into a hope note, a new maturity date in 2019 (from 2017), and the rate dropped to 4.5% from 6.3% - all according to a Bloomberg article today.

In other news, Kushner was seen outside the Uniqlo store shopping for Christmas gifts for his new kid on


crabsofsteel said...

Who said 4.5%? from the mod template: Accrues at 6.353% but is payable at the following interest rates, adjusted annually over the life of the loan as follows: 3%, 4%, 4.5%, 4.5%, 5%, 5.5%, 6.353% thereafter.

Anonymous said...

too bad he doesn't have the retail still, which is the only part of the building that has new tenants paying good rents..

Dark Space said...

The info I posted was from Bloomberg NI CMBS . I haven't double checked it, so thanks for the update.

Anon-"good rents"? I might go so far as to say fucking unbelievably good rents. ;-)

Anonymous said...

Dec. 19 (Bloomberg) -- Assuming shortfalls in Dec. remain
constant, lost interest payments from 666 Fifth Avenue mod
driving shortfalls as high as classes D on GECMC 2007-C1, B on
WBCMT 2007-C31, E on WBCMT 2007-C33, Credit Suisse CMBS analysts
led by Roger Lehman write in note.
• Vornado press release {NSN LWAW176KLVRC }
• Since release trustee posted mod template, more detailed info
• A-note’s accrual rate is 6.353%, the original loan’s rate, but not all is payable
• Payment rate on the A-note will initially be set to 3% and step up, based on annual adjustments, over time
• Difference between the pay rate and the accrual rate on the A-note, initially 3.353% (6.353% accrual minus the 3% payment rate), will be added to the B-note balance
• The interest on the B-note accrues at 6.353% but does not pay
• Notes deal level shortfalls variable from mo. to mo., depend on all loans in trust
• As is common in A-/B-note splits, the new equity will be senior to the B-note
• An appraisal (dated June but reported in August) came in at $820m vs $2b valuation when deal was securitized in March 2007