New York, June 03, 2014 -- Moody's Investors Service was informed that the loan sponsor, General Growth Properties (NYSE: GGP), has requested the ability to release the air rights above a portion of certain existing parking decks (the Proposed Release of Air Rights). GGP has requested the Proposed Release of Air Rights in order to facilitate the development of a 220-unit residential condominium project and additional parking decks. The Proposed Release of Air Rights will become effective upon satisfaction of the conditions precedent set forth in the governing documents, as required by the Mortgage Loan Servicer and Moody's subsequent review of definitive documentation implementing the Proposed Release of Air Rights.

Vollständigen Artikel bei Moodys lesen