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Gramercy Prices $1.1B Commercial Real Estate CDO

NEW YORK CITY-Gramercy will utilize the proceeds to retire outstanding borrowings and to acquire existing currently financed fixed-rate loans.

By Natalie Dolce | Updated on July 30, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-Gramercy Capital Corp. priced Gramercy Real Estate CDO 2007-1, its third commercial real estate CDO transaction. The company will utilize the proceeds of CDO 3 issuance to retire outstanding borrowings under existing secured repurchase agreements, and to acquire virtually all of Gramercy’s existing fixed-rate loans currently financed in Gramercy’s two existing CDOs.

According to Gramercy Capital’s release, CDO 3 is intended to match-fund on a long-term basis a portfolio of investment-grade CMBS acquired under the direction of its recently-formed Real Estate Securities Group, and will also create almost $350 million of immediate financing capacity in its existing CDOs and secured repurchase agreements.

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