Moody's: No rating impact to WBCMT 2007-C30 and WBCMT 2007-C31 from the Proposed Sale, Transfer and Loan Assumption of Five Times Square

New York, June 12, 2014 -- Moody's Investors Service (Moody's) was informed that Square Acquisition LLC, a Delaware LLC ("Proposed Borrower") will acquire and assume the Five Times Square Loan as well as the Excess Site Acquisition Cost reimbursements ("ESAC Receivables") from AVR Crossroads, LLC, a Delaware LLC. ("Current Borrower"). David Werner, an individual ("Werner"), Abrams Capital Partners I, L.P., a Delaware limited partnership ("Abrams I"), Abrams Capital Partners II, L.P., a Delaware limited partnership ("Abrams II"), and Whitecrest Partners, L.P. (together, the "Proposed Guarantors") will become the new Guarantor/Indemnitor for the non-recourse carve outs and environmental indemnities, replacing Allan V. Rose ("Current Guarantor"). In connection with the sale, the direct parent of the Proposed Borrower will incur a replacement mezzanine loan and RXR Property Management LLC, an affiliate of RXR Realty, will become the replacement property manager. The proposed (1) sale, transfer and assumption of debt; (2) sale of ESAC Receivables; (3) replacement of property manager; and (4) replacement of the mezzanine loan will become effective upon satisfaction of the conditions set forth in the governing documents.

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