Friday, December 2, 2011

7 World Trade Center to go into a CMBS deal

CMAlert reported that Silverstein is looking to refinance the current Liberty Bond structure into a CMBS deal structured similarly to OBP, but with JPM.

The building hit 100% occupancy on the 10th anniversary of 9/11 when MSCI (the owner of the like-named indices) signed a new lease for 125k sf on the top floor.

As long as they will stop saying things like "it's the safest building in the country", inviting some twisted Titanic karma, it should make for great collateral. Of course, that is also what BOA thought in mid-2001 when it wrote the loan on the last building that was destroyed on 9/11.

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