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$563M loan agreement satisfies mortgage on 1, 2, 4 & 5 WTC.



The mortgage for four of the World Trade Center buildings was scheduled to be satisfied shortly before Christmas after World Trade Center certificateholders agreed to the prepayment Prepayment

1. The payment of a debt obligation prior to its due date.

2. The excess payment over a scheduled debt repayment amount.

Notes:
1. Examples include deferred expenses such as rent and early loan repayments.

2.
 of a $563 million loan by the borrower, World Trade Center Properties LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
, an affiliate of Silverstein Properties.

The mortgages for 1, 2, 4 and 5 World Trade Center buildings were to be paid off:

David E. Creamer, chairman of GMAC GMAC General Motors Acceptance Corporation
GMAC Graduate Management Admission Council
GMAC Give Me A Call
GMAC Genetic Manipulation Advisory Committee
GMAC Genetic Modification Advisory Committee (Singapore)
GMAC Give Me A Chance
 Commercial Mortgage Corporation, the mortgage provider behind the deal, said he was happy to finally close the transaction.

"For more than two years since the destruction of the towers, we have devoted considerable time and energy to protecting the fights of the investors in this process," Creamer said. "This transaction certainly underscores the critical role played by servicers of commercial real estate loans." Howard Rubenstein, a spokesman for Larry Silverstein Larry A. Silverstein (born 1932 in Bedford-Stuyvesant in Brooklyn, New York) is an American billionaire real estate investor and operator and the head of Silverstein Properties, a real estate development group. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Silverstein Properties, said the company was "extremely pleased that this significant step has been accomplished."

By satisfying the mortgage, Rubenstein said, Silverstein would have one less approval to obtain in his rebuilding plans at Ground Zero.

"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."

Trade Center certificateholders were told on Nov. 21 that a potential consent solicitation Consent Solicitation

A solicitation by one party to the stakeholders of a particular security for the consent of a material change.

Notes:
Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with
 could occur soon. On Dec. 1, GMAC announced 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 GMAC. The certificateholders subsequently approved the loan.

"We're very pleased that the certificateholders have approved this outcome," Creamer added. "We'd also like to thank them for completing the consent process so promptly."

Earlier, the Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c.  approved Silverstein Properties' proposed prepayment of the loan. The Port Authority also elected to buy out Westfield America's World Trade Center retail leasehold.
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Article Details
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Author:Moore, Peter
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jan 7, 2004
Words:326
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