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Case Study: Discounted Payoff CMBS

Mezzanine Forgiveness/Senior Reduction 

 

Situation:

  • Property Type: Office
  • Property Size: 141,955 sq. ft.
  • Origination: Jun, 2006
  • Maturity: 7/6/16
  • Current Loan Balance: $15,807,765
  • Occupancy: 82.44 %
  • Debt Service Coverage Ratio: .78 as of 2013
  • Location: Nevada

Problem:

  • Office property located in a struggling slow recovery market in Nevada. Senior and Mezzanine debt present obstacles for workout.

 

RESULTS

 

Debt forgiveness of Mezzanine and reduction of senior debt of $4.6MM.

Servicer: CIII

 

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