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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If we had to keep the ramps
Interior shots of Retail Center
Cornice Elements made of Fiberglass
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”.
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.
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.
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.
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