Columbia Property Trust, the office REIT which early last year defaulted on a $1.7B floating-rate loan backed by seven office buildings, has secured a reprieve from its lenders.
As part of the loan modification from lenders Goldman Sachs, Citigroup and Deutsche Bank, the maturity date on the loan will be extended to July 2025 and it will include a six-month extension option, according to a report from Morningstar Credit.
According to commentary from Morningstar and ratings agency KBRA, the modification also cuts the interest rates on a senior portion of the loan and defers payments on mezzanine debt.
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