Deutsche Bank and Bank of America Merrill Lynch will issue $710 million of CMBS notes backed by the fee interest in Worldwide Plaza, a 47-story office tower located at 825 Eighth Avenue in New York City.
Morningstar assigned preliminary rating to the deal, COMM 2013-WWP. The capital structure includes $444 million of ‘AAA’ notes; $99.24 million of ‘AA-’notes; $73.99 million of ‘A-’ notes; and $92.67 million of ‘BBB-’ notes. There is also a $165 million mezzanine piece that is expected to be sold, subject to an intercreditor agreement.
The sponsor of the borrower is a joint venture among RCG Longview Equity Fund, DRA Advisors LLC and CWWP Partners LLC, an entity controlled by Peter S. Duncan, president and CEO of George Comfort & Sons Inc.
Presale reports also came out this week for
