The Real Deal Miami

LNR debt transition in the works

June 09, 2010 02:30PM

Miami Beach-based commercial mortgage-backed securities special servicer LNR Property might be down, but it isn’t out, according to sources close to the company. A plan to convert some junior debt into equity is in the works, with debt holders including Vornado Realty Trust agreeing to participate in the conversion. Last month, LNR and Wells Fargo announced that they planned to sell $1 billion in distressed commercial real estate loans each. [WSJ via SFBJ]