WWE Purchases New Facility In Stamford, CT
WWE released the following 8-K SEC filing yesterday that shows their WWE Real Estate division has purchases a new property at 88 Hamilton Ave. in Stamford, CT. This new facility will be right next door to WWE’s current TV production facility on Hamiliton Ave:
On September 14, 2016, World Wrestling Entertainment, Inc. (the “Company”) acquired, through WWE Real Estate Holdings, LLC a wholly-owned special purpose subsidiary (“WWE Real Estate”), a building and underlying real property located at 88 Hamilton Avenue in Stamford, Connecticut (the “Purchased Property”) from one of the debtors in the Chapter 11 bankruptcy proceedings of Newbury Common Associates, LLC and certain of its affiliates (Case No. 15-12507 in the United States Bankruptcy Court for the District of Delaware). The Company has been one of the tenants in the Purchased Property for approximately 16 years. In connection with the acquisition, WWE Real Estate entered into a Note and Mortgage Assumption Agreement, dated as of September 13, 2016 (the “Assumption Agreement”), with Hamilton and Wilmington Trust, National Association, as trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS2, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS2 (the “Lender”). Pursuant to the Assumption Agreement, WWE Real Estate paid the Lender approximately $1.9 million as a bring current payment and assumed future obligations under a Loan Agreement, dated June 8, 2015, between the seller and the Lender (the “Loan Agreement”), in the principal amount of $23 million, which loan is secured by a mortgage on the Purchased Property. As part of this debt assumption, the Company executed a Joinder By and Agreement of New Indemnitor (the “Joinder”) pursuant to which the Company agreed to guarantee limited recourse obligations of WWE Real Estate (as described in Section 10.1 of the Loan Agreement) and to certain limited indemnification obligations. The loan bears interest at the rate of 4.5% per annum and requires monthly payments of interest only until June 2018 and $116,537.62 per month thereafter, with a balloon payment on maturity in July 2025. There is a significant yield maintenance premium for prepayments. WWE Real Estate also paid $2 million to the seller, and assumed its interest as landlord under existing leases of the Purchased Property (including the landlord’s interests in leases under which the Company is a tenant).
Related: WWE Reportedly Submits $27 Million Bid On TV Production Building In Stamford
Daniel Bryan Returns Home Following CWC Finals
WWE Smackdown Live GM Daniel Bryan has posted the following photo to Twitter showing him returning home from doing commentary at the Cruiserweight Classic finals:
SOOO happy to be home with Bri and the poopers! @BellaTwins #DanielsonFamilyPortrait pic.twitter.com/n2kvMTuoHZ
— Daniel Bryan (@WWEDanielBryan) September 16, 2016
