{"id":1004021968,"date":"2010-07-30T13:22:35","date_gmt":"2010-07-30T21:22:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004021968"},"modified":"2022-12-08T07:24:12","modified_gmt":"2022-12-08T15:24:12","slug":"lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\/","title":{"rendered":"LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash"},"content":{"rendered":"

July 30, 2010
\nBy Barbra Murray, Contributing Editor<\/p>\n

Vornado Realty Trust has benefited from LNR Property Group’s recapitalization process by grabbing a 26.2 percent interest in the company through a cash infusion of $116 million and an agreement to convert a $15 million mezzanine loan into equity. With the participation of Vornado and others, LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet. <\/p>\n

Vornado represents just one piece of LNR’s recapitalization endeavor. LNR managed to raise an aggregate $417 million in equity from a list of participants, including affiliated funds and managed accounts of iStar Financial Inc., Cerberus Capital Management L.P. and Oaktree Capital Management L.P. With the new equity, along with the assistance of a little cash on hand and the elimination of an outstanding $450 million of Senior Notes issued by Riley HoldCo Corp, LNR’s parent company, LNR has whittled its debt down from $1.3 billion to about $425 million.<\/p>\n

The $116 million that Vornado plunked down for a sizeable stake in LNR was not the only financial commitment the REIT made this week. Vornado joined forces with Geyser Holdings in an agreement to acquire four long-term ground leases and the corresponding underlying real property parcels at Atlantic City’s Boragata Hotel Casino and Spa from MGM Resorts for $73 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the participation of Vornado and others, Miami Beach-headquartered LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet. <\/p>\n","protected":false},"author":936,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004021968","post","type-post","status-publish","format-standard","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"\nLNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash\" \/>\n<meta property=\"og:description\" content=\"With the participation of Vornado and others, Miami Beach-headquartered LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-07-30T21:22:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T15:24:12+00:00\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash\",\"datePublished\":\"2010-07-30T21:22:35+00:00\",\"dateModified\":\"2022-12-08T15:24:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/\"},\"wordCount\":234,\"commentCount\":0,\"articleSection\":[\"Finance\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-completes-recapitalization-as-vornado-takes-26-2-percent-stake-for-116m-in-cash\\\/\",\"name\":\"LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash - 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