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Thursday, 19 June 2003

Woolworth Building Loan Part of Recent Securitization

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June 20, 2003

Commercial Real Estate Direct Staff Report

Part of the $201 million mortgage that Credit Suisse First Boston provided on the Woolworth Building in New York was securitized in a recent $881.7 million floating-rate deal.

The loan is the fourth largest in the deal, Credit Suisse First Boston Mortgage Securities Corp., 2003-TFL1.

The financing placed on the 54-story tower consisted of a $125.4 million first mortgage provided by CSFB arm, Column Financial, as well as two other portions that were not part of the securitization – a $49.6 million junior interest and a $26 million mezzanine piece.

The loan was structured with a provision that allows the owners of the building – a partnership between The Witkoff Group and Cammeby's International – to proceed with their plans to redevelop the tower portion (floors 29-54) of the 1 million-square-foot office building at 233 Broadway into 125 residential condos and apartments.

The Witkoff-led venture has the option to pull the 112,000-sf portion of the building targeted for conversion from the mortgage when it starts its redevelopment in 2004.

Comments? E-mail Susanna Potter, or call her at (267) 247-0112, Ext. 212.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • Sector: Office
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: CMBS Deal - General
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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