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Macklowe Losing Another Building

April 21, 2009

The Macklowe Empire is shrinking again. The NY-based developer is set to lose another building, 1330 Avenue of the Americas, to a Canadian lender. The foreclosure is similar to nature to the Hancock Tower transaction in which the foreclosure is being triggered by a default on the mezzanine debt.

Bloomberg has the following additional information about the asset:

  • Acquired for $498 million in December 2006 (closing the same day as Hancock Tower).
  • $240M senior debt from Deutsche Bank
  • $130M mezz debt, later sold to Montreal’s Cadim and then transferred to Otera
  • Macklowe defaults in January on the mezzanine debt
  • The building is ~525K square feet, with three levels of three underground parking levels providing for about 225 cars.
  • The auction will be held tomorrow at 1PM @ the office of Allen & Overy’s.

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Categories: Commercial Real Estate Investing | Notable Deals
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