Gramercy Gains Increase to Master Repurchase Agreement

NEW YORK CITY-Gramercy Capital Corp., which a few weeks ago became a joint venture partner with SL Green in the acquisition of the South Building at. One Madison Ave. , obtained an increased commitment of $150 million under an existing master repurchase agreement. The financing, provided by Wachovia Bank and certain of its affiliates, goes from $350 million to $500 million. The $150 million increase includes the consolidation of a separate, previously existing, $50 million credit facility.

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.