World Market Center: Not in Default

November 30, 2009

World Market Center Las Vegas says it is current on all loan payments, according to a Thursday report in the Las Vegas Review-Journal.

The paper had reported Wednesday that Fitch Ratings of New York said a $217.4 million loan secured by space at World Market Center had been transferred to special servicing for "imminent default."

WMC Vice President Dana Andrew told the Review-Journal that the report is inaccurate and that loan payments current and the loan not in default.

"WMC (World Market Center) has sought additional flexibility with respect to new lease agreements to address needs of the tenants," she said in a company statement. "That process in WMC's case requires approval by the special servicer. WMC requested and obtained the transfer of its CMBS loans to the special servicer to reach arrangements that are in the best interests of all stakeholders."