Additionally, the initial term of the master repurchase facility was modified to reflect staggered maturities. The agreement has $250 million maturing in August 2007, $150 million maturing in December 2007, and the remaining $100 million maturing in June 2008. The modifications increase the company's total debt capacity from $625 million to $725 million.
Locally based Gramercy specializes in the direct origination and acquisition of first mortgage loans, subordinate mortgage participations, mezzanine loans, preferred equity investments, and credit tenant net lease investments involving commercial properties. SL Green created Gramercy to continue its structured finance business as a separate public company.
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