More cash needed for 450 Park Ave.

The credit crunch has crimped Somerset Partners’ bid to close its $510 million purchase of 450 Park Avenue. The private equity firm has taken ownership of a 10-year, $175 million fixed-rate mortgage from the sellers, Taconic Investment Partners and New York State Common Retirement Fund. The lender has refused to offer an additional loan Somerset needs to finance the property, a source says. more [Sun]

Sign Up for the undefined Newsletter