Posts Tagged ‘deed in lieu’
Capital Stack Shellacked
January 26th, 2010 | 
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Editors Note: This post is the first in a three day, three person opinion on the aftermath of the Stuyvesant Town/Peter Cooper Village deal going kaput. Today Dave Jacobs writes about its effect on the capital stack. Tomorrow Rich Weidel examines the effect on the CMBS market. Thursday, Dave Weinstein will explore the world of risk/reward. Stay tuned and enjoy!
So by now I’m sure you’ve heard about Tishman Speyer giving back the keys (deed -in-lieu of foreclosure) to its creditors on the Peter Cooper Village/Stuyvesant Town Apartment deal in Manhattan. Once the largest price ever paid for a residential building in the world (a record $5.4 billion dollars in 2006) to original developer and seller MetLife Insurance, it is now the poster child for capital market chaos and rapid devaluation. Rather than tell the sob story again, we’ve decided to look specifically at how this transaction was capitalized, and how it will soon be capitalized. Read the rest of this entry »
Posted in Multi-Family, Owners & Developers | 
Tags: Allied Irish Banks, Blackrock inc., CalPERS, Church of England, CMBS market, creditors, deed in lieu, equity, Fannie Mae, Florida State Board of Administration, foreclosure, Freddie Mac, Government of Singapore, Grammercy Capital Corp., Hartford Financial Servcies Group, MetLife Insurance, mezzanine, Peter Cooper Village, Stuyvesant Town Apartments, Tishman Speyer, wachovia, Winthrop Realty Trust | 
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