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Tuesday, 21 October 2014

Woodbury Office Loan Gets Paid Off; CMBS Deal Sees $81.1Mln Loss

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Commercial Real Estate Direct Staff Report

The $219.4 million of CMBS loans against the Woodbury Office Portfolio, a collection of 28 office and industrial properties in Woodbury, N.Y., were retired this week and the CMBS deal that held them suffered a loss of $81.1 million, according to a report on TreppWire.

The two loans, securitized through LB-UBS Commercial Mortgage Trust, 2005-C2, previously had been modified into $140 million of A-notes and $79.4 million of B-notes. Their collateral had been owned by a group of tenant-in-common investors, but eventually was taken over by RXR Realty through a mezzanine-loan foreclosure.

Earlier this month, NorthStar Realty Finance Corp....

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Office
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: LB-UBS Commercial Mortgage Trust, 2005-C2
  • Company: U.S. Restaurant Properties Inc.
  • Private: Yes
  • bloombergDealName: LBUBS 2005-C2
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Dan Moynihan

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