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Gramercy Capital Settles $175M Loan At Discount

NEW YORK (AP) ¿ Gramercy Capital Corp., a commercial real-estate finance company, said Thursday it paid off a $174.6 million KeyBank loan at a discount.

The New York-based company said it paid $45 million and agreed to pay an additional $15 million over time.

Last month, the company satisfied all of its obligations under a $9.5 million master repurchase facility with JPMorgan Chase Bank by paying $1.9 million, it said. JPMorgan agreed to assume full ownership and control of the related loan asset.

Gramercy said it continues to negotiate amendments to its loan with Wachovia Bank and its master repurchase facility with an affiliate of Goldman, Sachs & Co.

Gramercy shares rose one cent, to 99 cents, in morning trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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