WTC bond sale delayed as investors withdraw from muni market

New York /
Apr.April 11, 2011 03:27 PM
Larry Silverstein and 4 WTC rendering

[Updated at 4:29 p.m.]: In a developing story, the state has delayed the sale of the WTC bonds, Crain’s reported.

The $900 million worth of tax-exempt Liberty Bonds used to finance Silverstein Properties’ development of 4 World Trade Center hit the market after municipal fund outflows reached $1.1 billion last week, a two-month high, Crain’s reported. Though premiums have narrowed since they hit record highs in January, Crain’s said Silverstein may need to offer higher premiums considering investors’ outlooks on the muni-bond market. Because the rates would still be markedly lower than the 5.28 percent achieved in mid-January Larry Silverstein, CEO of Silverstein Properties, does not appear concerned. “We are expecting to achieve the rates that we would have achieved just before the market turned up, so I think we’ll end up pleased with the net results,” he said last week. According to Municipal Market Advisors, yields on top-rated 30-year bonds are currently 5.14 percent. [Crain’s]


Related Articles

arrow_forward_ios
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
116 John Street, Silverstein Properties' Larry Silverstein and Metro Loft's Nathan Berman (Google Maps, Getty)
Silverstein buys FiDi apartment building for $248M
Silverstein buys FiDi apartment building for $248M
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Multifamily deals keep investment sales humming
Multifamily deals keep investment sales humming
Multifamily deals keep investment sales humming
Durst Organization Chairman Douglas Durst and Port Authority Chairman Kevin O’Toole (Getty, O'Toole Scrivo)
1 WTC set for $700M refinancing
1 WTC set for $700M refinancing
Silverstein leashes BarkBox for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Larry Silverstein, 3 World Trade Center and Index Exchange CEO Andrew Casale (Getty, Silverstein, Index Exchange)
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...