January 25, 2010 / 7:35 PM / in 10 years

FACTBOX-Creditors of Stuyvesant Town & Peter Cooper Village

 NEW YORK, Jan 25 (Reuters) - A group led by Tishman Speyer Properties LP is giving up control of the Stuyvesant Town and Peter Cooper Village apartment complex in Manhattan to creditors, marking the collapse of one of the largest transactions during the U.S. real estate boom.
 The 11,200-apartment property will be turned over to creditors as the joint venture headed by Tishman and a unit of BlackRock Inc (BLK.N) walks away from the deal.
 The complex defaulted this month on $4.4 billion of debt used to finance the purchase, and the property once thought to be worth $5.4 billion, is now valued at $2 billion or less. [ID:nN25170135]
 The Tishman/BlackRock group paid about $6.29 billion to get the properties, contributing $224 million to the complex. Some $3 billion of mortgage debt from the properties, consisting of 10-year interest-only loans due in 2016, have been securitized as commercial mortgage-backed securities (CMBS).
 The following are some other creditors of the complex, including some that have or plan to write down their investments in the property:
 CREDITOR                                   AMOUNT INVESTED
 Government of Singapore Investment Corp ......... $675 mln
 California Public Employees Retirement System.....$500 mln
 Winthrop Realty/Concord............$300 mln
 Florida Retirement System Pension Plan*...........$250 mln
 SL Green/Gramercy Capital......... $200 mln
 Hartford Financial Services Group..$100 mln
 Deutsche Genossenschafts-Hypothekenbank...........$100 mln
 California State Teachers Retirement System.......$100 mln
 Fannie Mae FNM.N.........Unspecified CMBS
 Freddie Mac FRE.N........Unspecified CMBS
 Church of England....Unknown
 Allied Irish Banks PLC.....Unspecified loan
 *Creditors that have already taken writedowns on the investment  (Reporting by Chelsea Emery, Daniel Trotta, Albert Yoon and Ilaina Jonas, Compiled by Emily Chasan; Editing by Steve Orlofsky)   

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