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$640 Million CMBS Loan Modification for a Landmark Tower in Boston

CMBS Trust
Representation of CMBS Trust in transaction permitting owner of landmark Boston tower and holder of leasehold interest in the adjacent garage to expand its business operations by obtaining an additional leasehold for the station and related air rights, and to pursue redevelopment of the station prior to maturity of the $640 million CMBS loan. In a highly unusual structure, the CMBS Trust consented without requiring this additional leasehold interest and income to be pledged to the Trust. Our team obtained rating agency approval for the transaction from all three major rating agencies, and prepared and negotiated with the borrower all elements related to this extremely complex multi-party consent transaction.
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