Question about debt structure
Read the following in a recent news article about a refi: "The loan, dated Feb. 27, comprises a senior loan note totaling $212 million, a building-loan note of about $15.5 million and a project-loan note of about $12.4 million, according to public records. Mezzanine debt is not recorded in public documents, meaning the total may be higher."
What's the difference between the "building loan note" and the "project loan note"? Why would the refi be partitioned that way (as opposed to it all being grouped under one senior note? Thanks
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