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?

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).

Moinian versus Goldman

This should be interesting

Moinian’s Almah LLC, a company he controls and which owns the building, alleges that Goldman has “unclean hands” and “engaged in underhanded dealings designed to cheat” Almah out of tens of millions of dollars after entering into the deal with AIG. AIG isn’t named as a defendant in the suit.

...

Moinian’s complaint was in response to a lawsuit Goldman Sachs filed last month that alleges Moinian owes Goldman more than $3 million. Moinian benefited from Goldman staying in the building when it could have terminated its Maiden Lane lease last year, according to the bank’s complaint.