Stuyvesant Town
From the August issue: These are busy times for the usually obscure companies that specialize in distressed commercial loans. With investors defaulting on billions of dollars of debt nationwide, so-called special servicers are gaining new prominence. The companies — which handle securitized loans on the verge of default to ensure that bond holders can be paid off — are not only raking in lucrative fees, they’re also being courted and, in some cases, acquired by high-profile investors looking to cash in on the credit crunch. “Everybody is trying to buy one of these,” said Stephen Emery of Mission Capital, a loan sale advisory firm with offices in Lower Manhattan. [more]
