Gramercy Capital Corp. Modifies and Improves $900 Million of Existing Repurchase Facilities 
NEW YORK, NY (REIT Media) July 2, 2007 - Gramercy Capital Corp. (NYSE:GKK) announced today that it has executed agreements to modify its $500 million secured repurchase facility with Wachovia Securities LLC, and its $400 million secured repurchase facility with Goldman Sachs Mortgage Company. With these modifications, the Company reduced its credit spreads under these facilities by approximately 25%, increased its advance rates against selected collateral, and enhanced the flexibility and ease of use of the facilities.
According to Bob Foley, Chief Financial Officer of Gramercy, "These modifications will better enable Gramercy to take advantage of favorable market conditions throughout its investment platform, and to improve leveraged returns to common equity. We are pleased with the support that Wachovia and Goldman Sachs continue to demonstrate for Gramercy."
About Gramercy Capital Corp.
Gramercy Capital Corp. is a commercial real estate specialty finance company that specializes in the direct origination and acquisition of first mortgage loans, subordinate mortgage participations, mezzanine loans, preferred equity, real estate securities and net lease investments involving commercial property throughout the United States. Gramercy is headquartered in New York City, and has a regional investment office in Los Angeles.
To review Gramercy Capital Corp.'s latest news release and other corporate documents, please visit the Company's website at www.gramercycapitalcorp.com or contact Investor Relations at 212-297-1017.
Forward-Looking Information
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial real estate property markets, competitive market conditions, unanticipated administrative costs, general and local economic conditions, interest rates, capital market conditions, bankruptcies and defaults of borrowers or tenants in properties securing the Company's investments, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filings with the Securities and Exchange Commission.
Source: Gramercy Capital Corp.
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Jul.02.2007. 09:44
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