The 4% mortgage rate and other sweet offers from lenders hoping to stave off commercial real estate doom [Business Insider]
Bank of America Corporation (BAC)
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Source: Business Insider
By sharing financial pain now, lenders and borrower hope they can buy time for a market rebound. Faced with moribund office demand and cratering property prices, the New York investor RXR Realty was ready to surrender the commercial tower it owns at 61 Broadway in Lower Manhattan. But in an increasingly common twist, the 33-story building's lender, a group of financial institutions led by Aareal Bank, has been unwilling to seize control of the asset and unable to sell the debt to an investor who might. Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. "We went to the lender and said it doesn't work under the current capitalization," Michael Maturo, RXR's president, said. "If you'd like to work with us, we'd like the building. But we need relief on the loan." Maturo said that reworking the property's debt could allow RX
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BAC
Earnings
- 4/16/24 - Beat
BAC
Sec Filings
- 4/26/24 - Form 4
- 4/26/24 - Form 4
- 4/26/24 - Form 4
- BAC's page on the SEC website