"For more than two years since the destruction of the towers, we have devoted considerable time and energy to protecting the rights of the investors in this process," says David E. Creamer, chairman of GMAC Commercial Mortgage Corporation, servicer of the commercial mortgage-backed security, GMACCM SI 2001 – WTC. "This transaction certainly underscores the critical role played by servicers of commercial real estate loans."
"We are extremely pleased that this significant step has been accomplished," notes Howard J. Rubenstein, a spokesman for Larry A. Silverstein, president of World Trade Center Properties LLC. "By paying off the GMAC loan, we have eliminated GMAC's ability to control rebuilding through its approval rights over the site plan and the individual towers."
Certificateholders were informed by GMACCM on Nov. 21 that a potential consent solicitation could be ahead in the near future. On Dec. 1, GMACCM announced that the solicitation had begun, and that holders had a 20 business-day solicitation period to vote their consent of the modification to the terms of the loan agreement and the proposed loan payoff negotiated on their behalf by GMACCM. The Port Authority of New York and New Jersey, owner of the site, previously approved the proposed prepayment of the loan.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
