Tishman Walks on Stuy Town
January 25, 2010
Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. Tishman originally paid $5.4B for the asset back in 2006 and without [...]
Read More >>$30M For Circque De Soleil
December 29, 2009
The LA Times has an article out discussing the CIM Group and the investments and loans it has attracted. Locally, CIM has been a fairly active player in the region over the past few years. In San Jose it is known best for being part of the team behind Tower 88. This spring CIM Group [...]
Read More >>CalPERS Considers Showing Blackrock The Door
November 26, 2009
The WSJ is reporting that CalPERS is considering dropping Blackrock as an investment advisor to the pension fund after a disastrous year. Amongst the investments Blackrock steered CalPERS into was the Stuyvesant Town/Peter Cooper Village deal in NY. That deal has very likely cost CalPERS all of its investment of $500M. But of course, what [...]
Read More >>CalPERS Takes Huge Hit to RE Portfolio
November 11, 2009
CalPERS has taken a huge hit to its real estate portfolio according to The Registry. At the end of March, the pension fund placed a net-asset fair-market value on its real estate holdings of $17.6 billion. Three months later, the retirement system said the value had fallen by nearly a quarter to $13.4 billion. Amongst [...]
Read More >>Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a number [...]
Read More >>MacFarlane Quits CalPERS; Stockbridge In
October 23, 2009
Through the first quarter of 2009, CalPERS placed net-asset fair-market value of $854.4 million on the portfolio of California Urban Investment Partners LLC. The portfolio’s quarterly returns were negative 24.2 percent; its one-year return was negative 40.3 percent. … MacFarlane now has no relationship with CalPERS. As recently as December 2007, MacFarlane was a major [...]
Read More >>Tishman Loses Stuyvesant Town Ruling
October 22, 2009
A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were about [...]
Read More >>CRE Dominoes: Stuyvesant Town About To Go
October 14, 2009
Tishman and Blackstone teamed up to acquire Stuyvesant Town in New York back in 2006 for a whopping $5.4B. The project encompasses some 11,000 apartments across 54-buildings. The acquisition strategy included efforts to convert rent-controlled units to market-rate units, but a lawsuit has put the ice on that (sounds like Page Mill Properties and East [...]
Read More >>CalPERS Taking A Walk In Portland
August 20, 2009
CalPERS is demonstrating why we are still a ways off from seeing the bottom of this “thing”. After joint venturing with Commonwealth Partners LLC to acquire the 355,000 square feet of Class A office space in Portland’s Koin Center building in 2007, the duo have defaulted on the loan and CalPers has made the decision [...]
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