NEW YORK CITY-After reaching 100% occupancy late last year, Silverstein Properties will be refinancing the liberty bonds and a commercial mortgage-backed security secured by Seven World Trade Center, according to a report from Fitch Ratings.
The total loan includes $577.8 million of liberty bonds and a CMBS loan secured by a mortgage backed by two cross-defaulted loans on 7 WTC. The senior loan is a $452.8 million tax-exempt liberty bond financing designated loan and the junior loan is a $125 million CMBS loan, according to Fitch.
Proceeds of the loans will be used to refinance the prior liberty bonds, pay closing costs and return preferred equity investment to the sponsor, Fitch says.
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