CXP
NY, NJ, MA, CA
2,786,116
Unrealized
GreenBarn together with two third-party investors, acquired a vertical pari passu interest within the A-Note of a defaulted CMBS facility, totaling a notional amount of $429.2mm. As part of the transaction, the seller financed the note purchase with a non-recourse, non-mark-to-market repo facility which is coupon neutral to the investment. Subsequently, the investment was upsized through the acquisition of $76.8mm of additional junior notes within the A-Note from a separate seller.
The investment is collateralized by the first lien mortgage on the fee simple interests in six, institutional-quality office properties located in New York, NY, Jersey City, NJ, and San Francisco, CA and on one leasehold office property located in Boston, MA. At closing, the properties were 85% leased with 6.3 years of weighted average lease term.