Former Overland Park Sprint Campus Wipes Out 60 MILLION BUCKS For Bondholders

Financial news from the Golden Ghetto offers a rare insight beyond suburban public relations and shows us that corporate cash continues to evaporate as the American commercial real estate market tanks. 

Check-it: 

"Lord Abbett & Co. was dealt a more than $60 million blow on a commercial mortgage-backed security tied to an office campus in suburban Kansas City, after the underlying loan was sold at a steep discount.

"The money manager owned the vast majority of the $233 million CMBS, which was backed by the mortgage on the Aspiria office campus, formerly the headquarters of telecom giant Sprint Corp. The riskiest portion of the securitization, with a face value of more than $65 million, was wiped out earlier this month after the loan’s sale left just $164 million to distribute to creditors, according to the latest monthly remittance report.

"Bondholders also did not receive millions of dollars in interest payments, the report shows."

Read more via www.TonysKansasCity.com link . . .

Bloomberg: Office-Bond Bet Gone Wrong Deals Lord Abbett a $60 Million Blow