ATLANTA (PRWEB) December 15, 2014
Real estate asset management firm Trimont Real Estate Advisors has been named special servicer on the Liberty Bonds issued for the construction of the new 80-story, $1.59 billion 3 World Trade Center project in Manhattan.
The deal, which closed on November 20, names Trimont as Class 3 Special Servicer and initial Controlling Special Servicer of the New York Liberty Development Corporation Revenue Bonds. The proceeds of the bond issuance will be used for the construction of 2.5 million square feet of office space and 144,000 square feet of retail space, all to be built and leased by developer Larry Silverstein and his partners.
Improved economic conditions paved the way for the agreement as the municipal bond markets continue to show improvement. According to a recent statement by Pat Foye, Executive Director of the board for The Port Authority of New York and New Jersey, increased real estate investment activity in lower Manhattan includes both development and an appreciating leasing market.
Atlanta-based Trimont has serviced other landmark New York projects including the Chrysler Building, Grand Central Station, the Woolworth Building, the General Motors Building and the Plaza Hotel, as well as $4 billion in client capital related to 18 properties along Park Avenue.
“Our team is proud to have been awarded this assignment,” said John D’Amico, Director of Special Servicing at Trimont Real Estate Advisors. “This is an iconic project in one of the world’s greatest cities, and we are grateful for the opportunity to represent the interests of the investors who are making this development possible.”
Twenty percent of the office space at 3 World Trade Center has already been pre-leased. Construction is expected to be complete in 2018.
About Trimont Real Estate Advisors
Trimont Real Estate Advisors (trimontrea.com) is a real estate financial services provider with $65 billion of client capital under management, providing services to commercial lenders and investors since 1988. With 200 employees in Atlanta, New York, Los Angeles, London and Amsterdam, the company provides debt and equity investment management services for real estate lenders and investors. Core client services include asset management (primary, construction and special), asset servicing, construction loan administration, underwriting and due diligence, information management and public finance. Trimont is a rated primary, special, and construction servicer, with particular expertise in repositioning and development deals. Trimont is rated by Standard & Poor’s as a Commercial Mortgage Special Servicer (Strong) and a Construction Loan Servicer (Strong) and by Fitch as a Primary Servicer (CPS2+) and a Special Servicer (CSS2).