Stuyvesant Town and Tishman Speyer CEO Jerry Speyer

The owners of Stuyvesant Town and Peter Cooper Village are scheduled to meet with the special servicer of their $3 billion loan within a week to discuss restructuring the debt, according to information from mortgage tracking firm Trepp.

Special servicer CWCapital sent a note to the loan’s bondholders, saying it would meet to discuss a forbearance on the loan with the borrowers, Tishman Speyer Properties and BlackRock Realty, which bought the massive rent-regulated property on Manhattan’s East Side in 2006 for $5.4 billion.

A loan is transferred to a special servicer if it is in risk of default or the borrower wants to restructure it.

“A pre-negotiation letter has been sent to the borrower by [CWCapital] for signature and it is expected that a meeting will be held with the borrower within one week,” the note sent by the special servicer CWCapital to bondholders said. [more]