Member News

Trading Alert: First StuyTown, Now Bush Terminal

Time to trade GCCFC 2007-GG11 and CGCMT 2008-C7 exceedingly carefully.

According to an article from The Real Deal just moments ago, the 16-building, six-million square-foot property known as Bush Terminal has been refinanced by the Bank of China and SL Green.

The existing loan, which is split between the two aforementioned deals, was modified and bifurcated in 2012. The original $300 million note was split into a $190 million A note and a $100 million Hope note. The loan has 23 months to run and can prepay freely now.
By far the biggest exposure comes to the GG11 deal. Between the A note and the Hope note, Bush Terminal represents over 13% of the remaining collateral. We will provide more complete stats on the average life exposure tomorrow morning.

Courtesy of Trepp LLC – Trepp LLC is a member of the EACCNY