Ramius buys slice of Sears loan from BofA.

Commercial Mortgage Alert,  June, 2004  

Tags: Bank of America Corp., Sears Roebuck & Co., Sears Tower

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Ramius Capital has acquired a $100 million junior mezzanine slice of Bane of America's $825 million mortgage on Sears Tower.

Market sources said Ramius bought the debt at terms that will provide it with a nominal yield in the mid-teens. It's not clear whether the hedge-fund operator also took down the $125 million senior mezzanine portion of the loan. BofA is securitizing most of the $600 million first mortgage via a $1.5 billion floating-rate transaction that it was shopping this week with Bear Stearns.

BofA originated the mortgage to help finance the $841 million purchase of ...

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