I don't. However, this loan is scheduled to be securitized as a single borrower deal, and from what I can ascertain, the entire loan is a senior mortgage with no mezzanine debt being borrowed. Understanding how the securitized market works, no lender would try to securitize a stand alone floating rate senior mortgage execution unless they were comfortable that the "A-Note" would be rated as investment grade and they could syndicate the "B-Note". In todays market, securitized floating rate loans are being cut off at around 50% loan to value and 13% to 14% debt yields. Even assuming there is a "B-Note," hard to envision the LTV being much above 60% and debt yield much below 11% to 11.5%.
Taking all of this into consideration, it would be absolutely "off market" if the new senior loan contained cash trap and/or dividend blocker provisions out of the gate with that level of credit support. That is the thesis supporting my comment, but I could very well be wrong. However, I would also say that if my thesis is relatively accurate, and the credit metrics are strong and Whitehall accepted a cash trap/dividend blocker in the structure, I would confidently say that there is a lender out there today that would have written the same loan without that level of structure.
