Randy Waesche was running out of time to retire debt he took on to build a Marriott hotel in downtown New Orleans. Then Citigroup Inc. showed up.
Waesche had spent six months seeking a more affordable alternative to terms being offered by his lender, a unit of Capmark Financial Group Inc. Citigroup was able to offer a better rate as the market for bonds tied to commercial mortgages revives following its 2008 collapse. The loan was completed in November, and was part of an $876 million securitized debt sale by Citigroup and Goldman Sachs Group Inc. in December.
www.bloomberg.com
No comments:
Post a Comment