Fortress preparing $4.7 bln bid for Stuyvesant Town - Bloomberg

Tue May 13, 2014 6:37pm EDT

May 13 (Reuters) - Fortress Investment Group LLC is considering making a $4.7 billion bid for Stuyvesant Town-Peter Cooper Village, a Manhattan apartment complex, Bloomberg reported, citing a person familiar with the matter.

The New York-based private-equity firm is seeking financing for the bid and a deal would involve bringing in equity partners to contribute cash, the person said. (r.reuters.com/nun39v)

CWCapital Asset Management LLC, a special servicer representing bondholders, took control of the complex in 2010 after its owners missed a debt payment.

MetLife sold the complex in 2007 for a record $5.4 billion to a group led by Tishman Speyer Properties LP and a real estate unit of BlackRock Inc.

Barclays Plc estimated in a May 2 report that the property could fetch $4 billion to $4.3 billion in a sale, which would result in zero losses to bondholders, the Bloomberg report said.

Fortress and CWCapital could not be immediately reached for comment.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Sriraj Kalluvila)

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