NEW YORK CITY-Gramercy Capital Corp. on Monday said it has reached short-term extension agreements with holders of about $800 million in debt. The move is intended to give the company and its creditors more time to consider options for extending, modifying, restructuring or refinancing the loans.

The debt includes a $240.5-million mortgage loan with Goldman Sachs Mortgage Co., Citicorp North America and SL Green Realty Corp. and $549.7 million worth of senior and junior mezzanine loans from KBS Debt Holdings, GSMC, Citicorp and SL Green. All of the debt was scheduled to mature this weekend, but has been extended until April 15.

In a release, Gramercy says “there can be no assurance” it will be able to reach terms with its creditors on modifying the debt. One possible result of negotiations failing to produce an agreement by mid-April is foreclosure on the loans, and consequently Gramercy having negative book value, the release states.

As a result of the uncertainty, Gramercy, headed by CEO Roger Cozzi, says it expects to delay issuing an earnings press release for year-end and fourth-quarter 2010 results, and to delay filing its annual report.