Deals
Gramercy Capital Rises After Settling $549.7 Million in Loans
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Gramercy Capital Corp. rose as much as 14 percent after the New York-based real estate investment trust said it agreed to settle $549.7 million in mortgage debt by transferring hundreds of U.S. buildings to lenders.
About 317 commercial properties in the REIT’s Gramercy Realty division were given up today to lender KBS Debt Holdings LLC in an initial transfer, Gramercy Capital said in a statement. The agreement obligates KBS to acquire all remaining Gramercy Realty entities and properties by Dec. 15 and releases the REIT from outstanding loan balances and contractual and default interest.