(Read more on the debt and equity markets.)
NEW YORK CITY-Gramercy Capital Corp. closed a $1.1 billion commercial real estate collateralized debt obligation, its third commercial real estate CDO transaction as GlobeSt.com previously reported. Gramercy used the majority of proceeds from the issuance of CDO 3 to retire outstanding borrowings under existing secured repurchase agreements, to acquire a substantial portion of Gramercy's existing fixed-rate commercial real estate loans currently financed in Gramercy's two existing CDOs and to finance a $752.1 million portfolio of AAA-rated CMBS.
CDO 3 will create almost $350 million of immediate financing capacity in its existing CDOs and secured repurchase agreements and will further reduce Gramercy's weighted average cost of debt capital. CDO 3 issued $1 million of bonds rated AAA through BBB-, and $54.5 million of interests that are not rated investment-grade.
Hugh F. Hall, COO of Gramercy Capital Corp., comments, "this CRE CDO issuance, which was completed in the face of challenging conditions in the capital markets, is the clearest affirmation yet of Gramercy's position as a top-tier commercial real estate finance company."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
