WTC Certificateholders Agree to $563M Loan Prepayment

NEW YORK CITY-World Trade Center certificateholders consented to the prepayment of the $563-million loan by the borrower, World Trade Center Properties LLC, an affiliate of Silverstein Properties. Following an expected payoff of the loan today, the mortgage secured by World Trade Center buildings 1, 2, 4 and 5 will be satisfied.

“For more than two years since the destruction of the towers, we have devoted considerable time and energy to protecting the rights of the investors in this process,” says David E. Creamer, chairman of GMAC Commercial Mortgage Corporation, servicer of the commercial mortgage-backed security, GMACCM SI 2001 – WTC. “This transaction certainly underscores the critical role played by servicers of commercial real estate loans.”