Mezzanine participations

Carson Leonard
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Abstract

In April of 2005, one of the architectural icons of the New York City skyline, the Met Life Building, on Park Avenue above Grand Central Terminal, was purchased by an affiliate of one of the leading real estate companies in the USA, Tishman–Speyer. Designed by Emery Roth and Walter Gropius, the building now boasts some of the highest asking rents in Manhattan. The acquisition financing for this transaction was originated by a leading investment bank and was structured to include a mortgage loan and three mezzanine loans. The mortgage loan was carved into a number of pieces and sold in several securitization transactions. Through participation and servicing agreements put in place by the originator, the mezzanine loans were each carved into participations and sold off in a series of transactions to a variety of institutional investors. This transaction is an example of the critical role that mezzanine financing has come to play in large real estate financings over the past half-decade. Copyright © 2005 John Wiley & Sons, Ltd.

夹层参与
2005年4月,纽约天际线的标志性建筑之一,位于中央车站上方的公园大道上的大都会人寿大厦,被美国领先的房地产公司之一铁狮门-斯派尔的子公司收购。由埃默里·罗斯(Emery Roth)和沃尔特·格罗皮乌斯(Walter Gropius)设计的这座建筑,现在是曼哈顿要价最高的建筑之一。此次交易的收购融资是由一家领先的投资银行发起的,其结构包括抵押贷款和三笔夹层贷款。抵押贷款被分割成许多部分,并在几次证券化交易中出售。通过发起人制定的参与协议和服务协议,夹层贷款被分割成参与协议,并在一系列交易中出售给各种机构投资者。这笔交易是夹层融资在过去5年里在大型房地产融资中发挥关键作用的一个例子。版权所有©2005 John Wiley &儿子,有限公司
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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