NEW YORK CITY-After several extensions, Gramercy Capital Corp. announced that Gramercy Realty’s $790-million mortgage and mezzanine loans came due today, without an additional extension or restructuring from the lenders.
It means that the holders of these loans--including Goldman Sachs Mortgage Co., SL Green Realty Corp. and Citicorp North America--are left to decide what to do with the collateral securing the loans, which includes properties owned by the company’s Gramercy Realty division.
The maturity of the loan marks the end of multiple extensions, dating back to March, which ultimately caused Gramercy Capital to file a notification of late filing for its 2010 10-K. That filing cited “the continuing uncertainty regarding when, how or if the Gramercy Realty Loans will be extended, modified, restructured or refinanced.”
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