Within 10 days, Donaldson, Lufkin & Jenrette plans to start marketing about $85 million of subordinate notes from a $425 million offering backed

Commercial Mortgage Alert, September, 1996

Within 10 days, Donaldson, Lufkin & Jenrette plans to start marketing about $85 million of subordinate notes from a $425 million offering backed by a mortgage on DLJ's headquarters building. The property, at 277 Park Avenue, is controlled by developer Stanley Stahl. The deal was originally supposed to come to market in July, but the schedule was delayed because of the rating process, the summer slowdown and other factors.

The subordinate notes, rated double-B and single-B, will technically be collateralized by a pledge of the ownership interest in the Stahl entity that owns the building.