In other news, Kushner was seen outside the Uniqlo store shopping for Christmas gifts for his new kid on CafePress.com
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 CafePress.com
In other news, Kushner was seen outside the Uniqlo store shopping for Christmas gifts for his new kid on CafePress.com
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4 comments:
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.
too bad he doesn't have the retail still, which is the only part of the building that has new tenants paying good rents..
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. ;-)
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
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