Vornado bids for Stuy Town loan servicer

Steven Roth of Vornado, which just invested $116M in LNR

Sign Up for the undefined Newsletter

Vornado Realty Trust has submitted a bid to buy CW Financial Services, the parent company of CWCapital Asset Management, the country’s second-largest special servicer of loans on delinquent commercial properties, including Stuyvesant Town and Riverton Houses. The winner of the bid is expected to be announced next week, according to Bloomberg news. 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. The value of Vornado’s bid was not immediately clear. CWCapital is currently the special servicer on $144 billion worth of real estate loans, $18 billion of which is in delinquent loans. [Bloomberg]