Retail Traffic Mag posted some pictures of the new digs for Uniqlo at their two Manhattan locations, including at 666 Fifth Avenue, here.
Showing posts with label WBCMT 2007-C33. Show all posts
Showing posts with label WBCMT 2007-C33. Show all posts
Monday, January 2, 2012
Uniqlo @ 666 Fifth Avenue
Retail Traffic Mag posted some pictures of the new digs for Uniqlo at their two Manhattan locations, including at 666 Fifth Avenue, here.
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
Sunday, August 28, 2011
The Renaissance loan extended
The Real Deal reports, and by "reports", we mean that they posted a prepared press less from The Moinian Group.
Does anyone know how long the extension is for?
Does anyone know how long the extension is for?
Thursday, July 7, 2011
666 Fifth Avenue Workout
The WSJ reports and every dealer on the street reports that Kushner has worked out a deal on 666 Fifth Avenue. They're going to take a 9.5% haircut back as a B note, Vornado is going to be a partner (improving the ownership) and the coupon is going to be reduced.
Boo, for IOs and deep credit, but huge positive for seniors and mezz portions of the CMBS deals: GECMC 2007-C1, WBCMT 2007-C31, and WBCMT 2007-C33. All of which I own some of and two of which I've had heavy reverse inquiry on the last few days.
*So far, I haven't seen any precise information on what the new coupon is or whether the special has formally confirmed the deal.
Boo, for IOs and deep credit, but huge positive for seniors and mezz portions of the CMBS deals: GECMC 2007-C1, WBCMT 2007-C31, and WBCMT 2007-C33. All of which I own some of and two of which I've had heavy reverse inquiry on the last few days.
*So far, I haven't seen any precise information on what the new coupon is or whether the special has formally confirmed the deal.
Monday, June 20, 2011
I wanna piece of dat...
Vornado purportedly is seeking a portion of 666 Fifth Avenue and is looking to spend 9 figures.
For more on 666 Fifth, read our old posts.
For more on 666 Fifth, read our old posts.
Wednesday, November 3, 2010
WBCMT 2007-C33 - The Renaissance ($84mm)
CRENews reports (sorry no link) that Moinian is trying to restructure the terms on this $84mm loan. This was reported initially back in August, but there must be some increased velocity around the negotiations - any big NYC loan mod is going to be watched carefully for indications how others may be handled.
This is not a pure rent-control flip story, although they do receive the j21 tax abatement according to the servicer's notes. Average rents have gone from $2,645 per unit at issuance to ~$2,507 (I'm estimating), although occupancy has increased from 97% to 100%. Also, there is both a condominium and office component (the building was 100% office pre-1999) to the property on the first 13 floors. The property is located in the Financial District
The loan has a debt service reserve that has to be rebalanced on a yearly basis for a forward looking 1.10x DSCR. It also is currently secured by a hard-upfront lockbox. It was appraised on 5/13/2010 at $61.6mm (27% loss to senior, 47% decline from origination appraisal).
This is not a pure rent-control flip story, although they do receive the j21 tax abatement according to the servicer's notes. Average rents have gone from $2,645 per unit at issuance to ~$2,507 (I'm estimating), although occupancy has increased from 97% to 100%. Also, there is both a condominium and office component (the building was 100% office pre-1999) to the property on the first 13 floors. The property is located in the Financial District
The loan has a debt service reserve that has to be rebalanced on a yearly basis for a forward looking 1.10x DSCR. It also is currently secured by a hard-upfront lockbox. It was appraised on 5/13/2010 at $61.6mm (27% loss to senior, 47% decline from origination appraisal).
Friday, March 5, 2010
666 Fifth Avenue gone to special
666 Fifth Avenue transferred to special seeking modification:
This loan does not cover it's debt service by a long shot, despite being 86% occupied (although a portion of that space is dark and likely at lower leases then today's market - in the $60s for class A in midtown). They're current monthly shortfall amount, is about $2mm, not small, but they do have a $70mm reserve balance - 70/2 equals 35 months until it dies at the current pace. The reserve balance is thanks in part to selling half the equity in 2008 to Carlyle Group, and it's not listed in the reserve report from the servicer (which has got to make you a little uneasy).
The big issue is the Orrick space which accounted for something like 232k sq ft at $45 psf will roll at the end of this month and they are leaving ($10.4mm per year in revenue, roughly). They have no firm prospects, but have 3 proposals out currently asking $70/psf (~$16.2mm revenue). Again, midtown class A is more like $60 psf (~$13.9mm revenue).
Can the servicer even allow a modification if there really is 3 years worth of debt service still in there? Are there any automatic ASERs associated with this event?
The total loan is huge - to quote the article, Kushner defined the top with this deal. $1.215billion is split into 8 different A-notes: Pari Passu loans A-1 & A-2 Notes ($124.5mm each securitized in GECMC 2007-C1), A-3 & A-4 Notes ($197.5mm each, securitized in WBCMT 2007-C31), A-5, A-6 & A-7 Notes ($142.75M each, securitized In WBCMT 2007-C33), and an A-5 Note ($142.75mm). These deals were brought to you by Wachovia and BoA, if anyone is keeping track - blame Charlotte this time.
"Since the 666 Fifth Avenue loan does not mature until 2017, the special servicer must believe it is in the best interest of the trust to work with the borrower on a loan modification rather than taking control of the property in a depressed market and declining fundamentals," Mancuso said.
This loan does not cover it's debt service by a long shot, despite being 86% occupied (although a portion of that space is dark and likely at lower leases then today's market - in the $60s for class A in midtown). They're current monthly shortfall amount, is about $2mm, not small, but they do have a $70mm reserve balance - 70/2 equals 35 months until it dies at the current pace. The reserve balance is thanks in part to selling half the equity in 2008 to Carlyle Group, and it's not listed in the reserve report from the servicer (which has got to make you a little uneasy).
The big issue is the Orrick space which accounted for something like 232k sq ft at $45 psf will roll at the end of this month and they are leaving ($10.4mm per year in revenue, roughly). They have no firm prospects, but have 3 proposals out currently asking $70/psf (~$16.2mm revenue). Again, midtown class A is more like $60 psf (~$13.9mm revenue).
Can the servicer even allow a modification if there really is 3 years worth of debt service still in there? Are there any automatic ASERs associated with this event?
The total loan is huge - to quote the article, Kushner defined the top with this deal. $1.215billion is split into 8 different A-notes: Pari Passu loans A-1 & A-2 Notes ($124.5mm each securitized in GECMC 2007-C1), A-3 & A-4 Notes ($197.5mm each, securitized in WBCMT 2007-C31), A-5, A-6 & A-7 Notes ($142.75M each, securitized In WBCMT 2007-C33), and an A-5 Note ($142.75mm). These deals were brought to you by Wachovia and BoA, if anyone is keeping track - blame Charlotte this time.
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