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Factbox: Creditors of Stuyvesant Town & Peter Cooper Village
NEW YORK |
NEW YORK (Reuters) - A group led by Tishman Speyer Properties LP is giving up control of the Stuyvesant Town and Peter Cooper Village apartment complex in Manhattan to creditors, marking the collapse of one of the largest transactions during the U.S. real estate boom.
The 11,200-apartment property will be turned over to creditors as the joint venture headed by Tishman and a unit of BlackRock Inc walks away from the deal.
The complex defaulted this month on $4.4 billion of debt used to finance the purchase, and the property once thought to be worth $5.4 billion, is now valued at $2 billion or less.
The Tishman/BlackRock group paid about $6.29 billion to get the properties, contributing $224 million to the complex. Some $3 billion of mortgage debt from the properties, consisting of 10-year interest-only loans due in 2016, have been securitized as commercial mortgage-backed securities (CMBS).
The following are some other creditors of the complex, including some that have or plan to write down their investments in the property:
CREDITOR and AMOUNT INVESTED
Government of Singapore Investment Corp ......... $675 mln
California Public Employees Retirement System.....$500 mln
Winthrop Realty/Concord...........................$300 mln
Florida Retirement System Pension Plan*...........$250 mln
SL Green/Gramercy Capital........................ $200 mln
Hartford Financial Services Group.................$100 mln
Deutsche Genossenschafts-Hypothekenbank...........$100 mln
California State Teachers Retirement System.......$100 mln
Fannie Mae........................Unspecified CMBS
Freddie Mac.......................Unspecified CMBS
Church of England..................................Unknown
Allied Irish Banks PLC....................Unspecified loan
*Creditors that have already taken writedowns on the investment
(Reporting by Chelsea Emery, Daniel Trotta, Albert Yoon and Ilaina Jonas, Compiled by Emily Chasan; Editing by Steve Orlofsky)
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