Plantation Place drama moves towards its final act

07 Apr 2011

Delancey looks set to be vindicated in blocking the noteholder resolutions in the Real Estate Capital Plantation Place (REC 5) CMBS, as it emerged that the property fund manager will buy out the equity owners.

This could see Delancey inject cash to cure the LTV breach, which has been in place since July 2008, and assume the CMBS debt.

The borrower engaged Brooklands Partners last year, and the CMBS advisory firm proposed a plan to waive the LTV breach for 22 months, in return ...

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