ST/PCV lenders getting repaid: Report

By Sabina Mollot

Following the sale of Stuyvesant Town/Peter Cooper Village, at a record-breaking price of $5.45 billion, the property’s senior lenders who’d forked over $3 million are finally getting repaid.

According to a report issued in mid-January by real estate analysis firm Trepp “the ship has come in” finally, at least for one of the tranches of the CMBS (commercial mortgage backed securities) packaged deal. The smallest one at a measly $202.2 million – had been repaid. That piece represented 11.3 percent of the entire deal.

Sean Barry, a research analyst for Trepp, explained, “Everyone who lent that has been paid back. We anticipate that the full $3 billion (will be repaid unless) someone files another piece of litigation, but we don’t think that’s going to happen.”

Continue reading