According to Bloomberg, Tishman, Speyer Properties, LP and BlackRock are going to miss a scheduled bond payment on debt from their $5.4 purchase of Stuyvestant Town. This deal was the poster child of the real estate boom. This default has been telegraphed for several months. Now the transaction is going to get interesting as the parties struggle to retain their interests in the property. I like this quote the article ends with:
“The joint venture has been engaged in discussions with CWCapital, the special servicer acting on behalf of the lenders, and hopes to continue good-faith negotiations toward a potential restructuring of the debt,” Tishman and BlackRock said.The talks sound so nice and friendly, I wonder who brought the bagels and coffee?