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How May Stuyvesant Town Cause Tishman Speyer To Lose Millions More?
Gramercy Capital Corp, the most junior lender in the 2006 purchase of Stuyvesant Town/Peter Cooper Village, has asked CWCapital, the special servicer for senior lenders of $3 billion in commercial mortgages behind the deal, that co-owner Tishman Speyer be replaced as manager of the huge Manhattan apartment complexes.
A majority of other mezzanine lenders — which made loans totaling about $1.4 billion for the purchase — must join Gramercy’s request in order for it to be approved. At stake are management fees that could run more than 2 percent of rent at the apartments and wipe out millions in revenue for Tishman Speyer.
Hat Tip: Reuters India
Tishman Speyer does not appear to be mismanaging the property. Nevertheless, it is eminently understandable that the mezzanine lenders would want to deprive Tishman Speyer any financial benefit in the aftermath of its default.
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Check out what others are saying about this post...[...] Speyer has ruled out the nuclear option of bankruptcy to forestall the struggle for control of Stuyvesant Town / Peter Cooper Village. Now a real estate food fight will ensue over control of the 110-building [...]