By Rob Chrisman
Posted To: Pipeline Press
The $1.3 billion Sears Tower , complete with a $775 million loan, was sold to Blackstone. The WSJ reports that the property backs a $775 million loan of which several pieces were securitized in commercial mortgage-backed securities. The building has more than 3.75 million square feet of office space and is the second tallest office building in the United States, after One World Trade Center in downtown Manhattan. The property faced large tenant leasing and capital costs in the first quarter of 2014. Subsequently, the loan was transferred into special servicing after the borrower expressed concern about the capital required to keep the property fully funded. The loan could be defeased and a special servicing workout fee likely when the loan pays off. Currently with two years to maturity (20…(read more)
Via:: Changes in Fannie/Freddie Pricing and Programs; How Much Does 3.75 mln sq. ft. of Office Cost?
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