Via Multifamily Executive
A $5.4 billion New York commercial real estate deal involving two huge apartment complexes -- Stuyvesant Town and Peter Cooper Village -- fell apart last week.
Among those who helped put together the deal was Rob Friedberg, a real estate investor who lives in Woodcliff Lake.
Friedberg, now managing partner of the Englewood real estate investment firm Capstone Realty, helped secure financing used to buy the massive 11,227-unit Stuyvesant Town and Peter Cooper Village apartment complexes on Manhattan's East Side when he was a managing director at BlackRock Realty.
BlackRock, which Friedberg said he left in late 2008, partnered with Tishman Speyer to buy the 110-building complex in 2006. But last week, the buyers announced plans to hand over "Stuy Town" to its creditors.
Some of the investors who provided debt or equity financing for the deal include, according to news reports: the Republic of Singapore, the Church of England, and CalPERS, the California public employees' pension fund.
The ratings agency Realpoint pegged the apartment complexes' current value at $1.99 billion.
Friedberg spoke with The Record about the ill-fated deal recently.
Continue reading "Anatomy of an Implosion" @ Multifamilyexecutive.com.
A $5.4 billion New York commercial real estate deal involving two huge apartment complexes -- Stuyvesant Town and Peter Cooper Village -- fell apart last week.
Among those who helped put together the deal was Rob Friedberg, a real estate investor who lives in Woodcliff Lake.
Friedberg, now managing partner of the Englewood real estate investment firm Capstone Realty, helped secure financing used to buy the massive 11,227-unit Stuyvesant Town and Peter Cooper Village apartment complexes on Manhattan's East Side when he was a managing director at BlackRock Realty.
BlackRock, which Friedberg said he left in late 2008, partnered with Tishman Speyer to buy the 110-building complex in 2006. But last week, the buyers announced plans to hand over "Stuy Town" to its creditors.
Some of the investors who provided debt or equity financing for the deal include, according to news reports: the Republic of Singapore, the Church of England, and CalPERS, the California public employees' pension fund.
The ratings agency Realpoint pegged the apartment complexes' current value at $1.99 billion.
Friedberg spoke with The Record about the ill-fated deal recently.
Continue reading "Anatomy of an Implosion" @ Multifamilyexecutive.com.
Rob Friedberg, quoted in the article above:
1.) If what Friedberg said is true, does this precludes another bidding war for ST-PCV among the vultures and sharks?
and
2.) If the current market value for the place is roughly around $2 billion (based on rental income) and Fannie and Freddie are responsible for $2.1 billion of the $3 billion in senior mortgages, what are Winthrop Realty Trust and the other holders of senior mezzanine debt expecting to happen, since they're in line after Fannie and Freddie?