Silverstein Plans $578M Refinancing of 7 WTC

Law360, New York (March 19, 2012, 7:27 PM EDT) -- New York developer Silverstein Properties Inc. is planning to refinance $577.8 million in bonds secured by the 52-story 7 World Trade Center, cashing in on about $65 million at the 1.7-million-square-foot office building, a person close to the matter confirmed Monday.

The senior loan, issued by the New York Liberty Development Corp., is made up of $452.8 million in tax-exempt liberty bonds, and the junior $125 million loan is backed by two cross-defaulted loans on the property, according to a report issued by Fitch Ratings. Proceeds...
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