Stuy Town debt holders considering foreclosure

New York /
Jan.January 13, 2010 08:54 AM

Tishman Speyer and BlackRock have 10 days to make a payment on their troubled Stuyvesant Town and Cooper Village complex before lenders step in to foreclose, sources told Bloomberg. The owners missed a $16.1 million payment on the property last week, putting them in technical default, and as a result, a group of senior mezzanine debt holders, led by Winthrop Realty Trust, said in a letter that it would pursue “rights and remedies,” including a possible foreclosure sale. The group holds $300 million in debt on the property and could act within 90 to 180 days. Tishman Speyer and BlackRock Realty purchased Stuyvesant Town, the city’s largest apartment complex with 11,200 units, for $5.4 billion in 2006, investing $112.5 million each. It was valued at just $1.8 billion in October. The $3 billion mortgage from Wachovia Bank was packaged and sold as securities to several investors including Fannie Mae, Freddie Mac and the Government of Singapore Investment Corporation, which has already reported losses in the aftermath of last week’s default. [Bloomberg]


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
The Jacx at 28-07 Jackson Avenue and Tishman Speyer’s Rob Speyer (The Jacx, Tishman Speyer)
What tenants pay at Tishman Speyer’s The Jacx in LIC
What tenants pay at Tishman Speyer’s The Jacx in LIC
A rendering of The Jacx at 28-07 Jackson Avenue and Tishman Speyer's Rob Speyer (Tishman Speyer, Getty)
Tishman Speyer gets $425M loan for The Jacx in Long Island City
Tishman Speyer gets $425M loan for The Jacx in Long Island City
NRS CEO Patrick Pelstring and BlackRock CEO Larry Fink (NRS, BlackRock/Twitter)
BlackRock’s real estate unit acquires clean energy developer
BlackRock’s real estate unit acquires clean energy developer
Wells Fargo, BlackRock join other firms in delaying office returns
Wells Fargo, BlackRock, Amazon join others in delaying office returns
Wells Fargo, BlackRock, Amazon join others in delaying office returns
Tishman Speyer CEO Rob Speyer with ByteDance CEO Zhang Yiming and an aerial of The Springs (Getty, Tishman Speyer)
Tishman Speyer’s Shanghai bonanza: ByteDance buys four buildings
Tishman Speyer’s Shanghai bonanza: ByteDance buys four buildings
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...