CMBS Retail Portfolio Restructuring
$66,000,000 A/B Note
Nine neighborhood retail centers located in four states
Thorn Oak Successfully negotiated an A/B modification and 2-year loan extension with the special servicer.
The modification included new minimum release prices for each of the nine assets and full interest PIK of the B-Note and the A-note received priority payment on all cash from sales proceeds and excess operating cash flow which allowed the A-note to be repaid, as well provided more credit support to the bond holders (post modification).