P.M. BRIEFING : Sears Weighs Tower 2nd Mortgage
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From Times Wire Services
CHICAGO — Sears, Roebuck & Co. is considering taking out an $850-million second mortgage on its 110-story Sears Tower, a newspaper reported today.
The refinancing strategy--called a convertible mortgage because the lender is usually a major bank, pension fund or insurance company--could allow the group or groups holding the mortgage to own from half to virtually all of the building after the loan expires in 10 to 20 years, the Chicago Tribune said.
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