Fannie and Freddie: We’ll consult city, tenants on Stuy Town

Mortgage agencies promise to meet with stakeholders before investing in any future transaction

New York /
Jun.June 12, 2014 12:38 PM

Mortgage giants Fannie Mae and Freddie Mac promised the city and tenant groups they will not invest in any deal to purchase Stuyvesant Town and Peter Cooper Village without first consulting lawmakers and residents. The mortgage agencies made the assurances after lawmakers sent a letter urging the lenders to reject any deal that would threaten affordable housing at the developments. Fannie Mae is not currently seeking a piece of a Stuy Town deal, but agreed to meet with city stakeholders if it were asked to participate in a future transaction, Jeffrey Hayward, senior vice president at Fannie Mae, told the Wall Street Journal.

Lawmakers including City Council member Daniel Garodnick, Representative Carolyn Maloney and Manhattan Borough President Gale Brewer sent the letter. The politicians hope to bolster their efforts to preserve affordable housing at Stuyvesant Town by securing agreements with Fannie, Freddie, the Housing and Urban Development Department and the Federal Housing Finance Agency, reports the Journal.

Senior bond holders represented by CWCapital Asset Management own Stuyvesant Town, as well as Peter Cooper Village, which were valued at $4.4 billion in a recent deed transfer. Bloomberg News reported that Fortis Investment Group, which owns CWCapital, is readying a $4.7 billion offer for Stuyvesant Town in May. [WSJ]Tom DiChristopher


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
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
(Illustration by The Real Deal with Getty Images)
NJ town concocts new excuse for rejecting affordable housing
NJ town concocts new excuse for rejecting affordable housing
A photo illustration depicting the massive changes at 2797 Atlantic Avenue (Google Maps, Getty Images)
Church plans 343 apartments in East New York
Church plans 343 apartments in East New York
Suburbanites with pitchforks as two hands ripping building plans
Suburban Nimbys oppose more housing. Do they have a point?
Suburban Nimbys oppose more housing. Do they have a point?
From left: Jake Elghanayan, Dan Garodnick an Maria Torres Springer (Getty Images, TF Cornerstone)
City officials say yes to land use reform, but face uphill battle
City officials say yes to land use reform, but face uphill battle
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
MR Property Builders' Rich Rauff and 45th Street between Pacific and Prospect Streets in Copiague (Getty Images, Google Maps, MR Property Builders)
Honey, they shrunk the housing: Long Island project withers
Honey, they shrunk the housing: Long Island project withers
arrow_forward_ios

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

Loading...