Moody's: No rating impact on WFCMT 2013-BTC following a Non-Permitted Equity Transfer of the Bergen Town Center Loan

New York, November 12, 2014 -- Moody's Investors Service (Moody's) was informed of a non-permitted equity transfer request from the current borrower of the Bergen Town Center loan in WFCMT 2013-BTC, Commercial Mortgage Pass-Through Certificates, Series 2013-BTC. The non-permitted equity transfer would allow for the transfer of 100% of the indirect ownership interests in VNO Bergen Mall Owner LLC, a Delaware limited liability company (the "Borrower"), to Vornado SpinCo, L.P. (recently renamed Urban Edge Properties L.P.) as part of Vornado Realty Trust's separation of its 79 retail centers, three malls and a warehouse park from its other businesses.

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