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A Terminal Transaction. Terminal Tower. A $10B Real Estate Company with a National Footprint. The Union Terminal circa 1930. 34 th Floor Cornice. Floors 34 - 52. The Union Terminal Rehab. Original Ramp Configuration. Pic of original ramp. Without Original Ramps.

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A Terminal Transaction

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A terminal transaction

A Terminal Transaction

A terminal transaction

Terminal Tower

A terminal transaction

A $10B Real Estate Company with a National Footprint

A terminal transaction

The Union Terminal circa 1930

A terminal transaction

34th Floor Cornice

A terminal transaction

Floors 34 - 52

The union terminal rehab

The Union Terminal Rehab

A terminal transaction

Original Ramp Configuration

  • Pic of original ramp

A terminal transaction

Without Original Ramps

If we had to keep the ramps

A terminal transaction

Reconfigured Ramp

  • Pic of redone ramps with sloping ceilings

A terminal transaction

  • Pics of Interior 7

Interior shots of Retail Center

The tower rehab 2005

The Tower Rehab - 2005

A terminal transaction

Something’s Missing

A terminal transaction


A terminal transaction

Before & After with Fiberglass Replacement

A terminal transaction

15th Floor Cornice – “Before”

A terminal transaction

Cornice Elements Removed, New Steel

A terminal transaction

Finished Product.

Cornice Elements made of Fiberglass





Defining the building

Defining the Building

Existing complex components owned by different Forest City entities.

In 3 dimensions, components jut in and out of the space directly under the office tower.

The property master leased to the historic Lessee is only the office tower.

Didn’t include the mall space in “building”.

Defining the building cont d

Defining the Building (cont’d)

Definition of the building for Rehab Test purposes cuts off the office tower at ground level.

The “building” for purposes of the test is comprised of all or part of various components.

Easements were put in place to permit access through space owned by others to the office tower.

The debt

The Debt

Securitized debt placed with Bear Stearns.

Virtually no wiggle room as to its terms. Loan “security” cannot be in any way compromised.

It took months of back and forth with the servicer to craft a deal.

One example:

Loan terms require that rent checks from tenants go into a lock-box controlled by the servicer. Servicer would then pull out debt service and remit remaining funds to building management company to pay bills.

Lessee must collect the rents, make lease payments, and operate as a legitimate separate entity.

Solution was to create additional lock-box at Lessee level.

The players

The Players

Developer: Forest City Enterprises, Inc

Investor: Morgan Stanley

Syndicator: Consortium Structured Investments

Developer Counsel: Squire Sanders and Dempsey

Lead by Steve Mount

Investor Counsel: Nixon Peabody

Lead by David Schon and Dan Kolodner

Financial Projections: Reznick Group, Inc

Lead by Jo Ann Clipp

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