A terminal transaction
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A Terminal Transaction - PowerPoint PPT Presentation

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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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34th Floor Cornice

Original Ramp Configuration

  • Pic of original ramp

Without Original Ramps

If we had to keep the ramps

Reconfigured Ramp

  • Pic of redone ramps with sloping ceilings

Interior shots of Retail Center

15th Floor Cornice – “Before”

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