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New York

Fortress acquires Stuy Town loan servicer

Riverton Houses

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Fortress Investment Group has acquired CW Financial Services, one of
the country’s largest special servicers of loans on delinquent
commercial properties, including Stuyvesant Town and the Riverton
Houses, for $300 Million The Wall Street Journal reported. The owner of
CW Financial’s controlling interest, Canadian pension fund manager
Caisse de depot et placement du Quebec, announced in March that it
would be selling its shares. Vornado Realty Trust
and Starwood Capital Group were among the other bidders. For Fortress,
CW Financial is the second distressed commercial real estate investment
within a matter of days. The firm also closed on a $250 million
investment in daVinci Holdings K.K., a troubled Japanese real estate
firm, this week. [WSJ]

Tags
Caisse De Dépôt Et Placement Du Québec