LNR Completes Refinancing of Senior Secured Credit Facilities

MIAMI BEACH, Fla., May 2, 2011 /PRNewswire/ -- LNR Property LLC (the "Company" or "LNR") today announced the successful refinancing of its senior credit facilities.  The new credit facilities are comprised of a $325 million, five-year term loan and a $40 million three-year revolving credit facility.  The new facilities were rated BB+ by Standard & Poor's and Ba2 by Moody's which represent significant upgrades from the prior company and facility ratings.  Proceeds will be used to repay borrowings under the Company's 2005 credit facilities.

LNR is an active participant in the mezzanine financing and subordinated debt commercial real estate markets.  On April 28, 2011, the LNR-managed Archetype Real Estate Debt Fund closed on the purchase of the subordinated certificates in Cantor Commercial Real Estate's debut commercial mortgage backed securitization, CFCRE 2011-C1.  On April 29, 2011, the Archetype Real Estate Debt Fund closed on the purchase of the subordinated certificates in the FDIC 2011-C1 transaction.

"LNR is the largest special servicer for securitized commercial real estate loans in the U.S., which combined with our Commercial Property Group's real estate development capabilities and our Hatfield Philips servicing operations in Europe, provides us with unique and differentiated capabilities to create value for our sponsors and employee stakeholders," said Toby Cobb, Co-CEO of LNR Property.  "This refinancing of our credit facilities marks the end of a highly successful recapitalization and repositioning of LNR, and we intend to be active participants in the commercial real estate finance markets for years to come."  

Contact: LNR Media Line (305) 695-5426

SOURCE LNR Property LLC