Moved to special servicing. There was a write-up on Bloomberg (no link, sorry), but unclear what's going on here. The 1Q 2010 DSCR was 2.22x with a 42% OLTV. There could be Mezz on the property, but even then, take the OLTV to 100% at the same coupon, it still, almost, cash flows. It's structured as an ARD, so soft maturity at 8/11/2014...
Something is fishy about this one. I suspect either the reported numbers are wrong, or the sponsor is attempting a losing battle at the special.
Let's sit back and watch.
Holding owned (in part or whole) by the same sponsor (RFR):
Grammercy Park Hotel
Lever House
40 Bond Street
Seagram Building
Showing posts with label 757 Third Avenue. Show all posts
Showing posts with label 757 Third Avenue. Show all posts
Tuesday, June 29, 2010
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