Former Sotheby’s HQ Buyout Boosts CMBS
The buyout at par on an $80 million mortgage on 980 Madison Avenue has given a boost to some bondholders with exposure to the property, one of 10 loans securitized at the height of the property bubble in the originally sized $1.8 billion commercial mortgage-backed securitization, Bear Stearns 2007-BBA8.
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