Lenders take the reins on Xanadu

New York /
Aug.August 11, 2010 10:00 AM

Xanadu rendering

As expected, lenders foreclosed on the $2 billion stalled Xanadu project in the Meadowlands yesterday, and they’re already in talks with Stephen Ross’ the Related Companies for a partnership that would restart construction on the unfinished complex. The creditors in control now include Credit Suisse, Capmark Financial and an affiliate of Fortress Investment Group. Ross has said if it was up to him, he would “rebrand, rename and re-skin” the blue-and-white checkerboard retail and entertainment center, which is slated to have an 800-foot indoor ski slope, skydiving wind tunnels and the largest Ferris Wheel in North America. It will take an estimated $875 million to finish the project, so the $180 million in financing recently proposed by a state panel isn’t going to be enough for Related. Gov. Chris Christie yesterday told the Post through a spokesperson that “this is a project worth saving… but the circumstances have to be right.” Christie is now asking private equity firms to take stakes in Xanadu, which he says will be finished by 2014, when the nearby Jets-Giants stadium will host the Super Bowl. [Post]

 

Related Articles

arrow_forward_ios
Tom Barrack's influence campaign reportedly steered by UAE Royals
Tom Barrack’s influence campaign reportedly steered by UAE Royals
Tom Barrack’s influence campaign reportedly steered by UAE Royals
Digital Bridge's Marc Ganzi (Ganzi by Sonya Revell)
Digital Bridge to sell off wellness business in $3B deal
Digital Bridge to sell off wellness business in $3B deal
Digital Bridge’s Marc Ganzi and the Sheraton San Jose Hotel and Four Points by Sheraton Pleasanton (Ganzi by Sonya Revell, Marriott)
Digital Bridge, formerly Colony, sells off remaining hotel portfolio
Digital Bridge, formerly Colony, sells off remaining hotel portfolio
From left: DigitalBridge CEO Marc Ganzi, Donald Trump,  and Tom Barrack (Getty, Ganzi by Sonya Revell)
De-Colonized: How Tom Barrack’s firm broke with its founder
De-Colonized: How Tom Barrack’s firm broke with its founder
Donald Trump and former Colony Capital CEO Tom Barrack (Getty)
Tom Barrack arrested, charged with lobbying Trump for UAE
Tom Barrack arrested, charged with lobbying Trump for UAE
Marc Ganzi (Photo by Sonya Revell)
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
How Marc Ganzi bet Colony Capital’s future on the next-gen economy
From left: Robert Zangrillo, Geoff Palmer, Tom Barrack and President Donald Trump (Getty, iStock)
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
Colony Capital chairman Tom Barrack (Getty, iStock)
Goodbye, LA: Barrack’s Colony packs bags for Florida
Goodbye, LA: Barrack’s Colony packs bags for Florida
arrow_forward_ios

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

Loading...