tag:blogger.com,1999:blog-7693451999817479352.post7908505874902947204..comments2023-10-22T17:43:54.334-04:00Comments on The CRE Review: 666 Fifth Avenue Modifiedcrabsofsteelhttp://www.blogger.com/profile/13395961726023130183noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7693451999817479352.post-86623084744019754812011-12-19T14:38:26.468-05:002011-12-19T14:38:26.468-05:00Dec. 19 (Bloomberg) -- Assuming shortfalls in Dec....Dec. 19 (Bloomberg) -- Assuming shortfalls in Dec. remain<br />constant, lost interest payments from 666 Fifth Avenue mod<br />driving shortfalls as high as classes D on GECMC 2007-C1, B on<br />WBCMT 2007-C31, E on WBCMT 2007-C33, Credit Suisse CMBS analysts<br />led by Roger Lehman write in note. <br />• Vornado press release {NSN LWAW176KLVRC }<br />• Since release trustee posted mod template, more detailed info<br />• A-note’s accrual rate is 6.353%, the original loan’s rate, but not all is payable<br />• Payment rate on the A-note will initially be set to 3% and step up, based on annual adjustments, over time<br />• 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<br />• The interest on the B-note accrues at 6.353% but does not pay<br />• Notes deal level shortfalls variable from mo. to mo., depend on all loans in trust<br />• As is common in A-/B-note splits, the new equity will be senior to the B-note<br />• An appraisal (dated June but reported in August) came in at $820m vs $2b valuation when deal was securitized in March 2007Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-66844916987072217882011-12-17T12:37:38.496-05:002011-12-17T12:37:38.496-05:00The info I posted was from Bloomberg NI CMBS . I h...The info I posted was from Bloomberg NI CMBS . I haven't double checked it, so thanks for the update.<br /><br />Anon-"good rents"? I might go so far as to say fucking unbelievably good rents. ;-)Dark Spacehttps://www.blogger.com/profile/13613854488437471493noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-22055635391079723082011-12-16T22:16:57.087-05:002011-12-16T22:16:57.087-05:00too bad he doesn't have the retail still, whic...too bad he doesn't have the retail still, which is the only part of the building that has new tenants paying good rents..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-45418602704093837532011-12-16T16:04:58.984-05:002011-12-16T16:04:58.984-05:00Who said 4.5%? from the mod template: Accrues at ...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.crabsofsteelhttps://www.blogger.com/profile/13395961726023130183noreply@blogger.com