Blackstone, Ivanhoe lock in additional $150M for Stuy Town

Blackstone Group and Ivanhoe Cambridge secured $150 million in financing from Wells Fargo for Peter Cooper Village-Stuyvesant Town, on top of the $2.7 billion acquisition loan provided by the bank in 2015. The original loan agreement allows Blackstone to maintain a 50 percent loan-to-value ratio on the property, and the new loan reflects an increase in the property’s value, according to a source familiar with the loan. That puts the apartment complex’s value at $5.7 billion. Existing debt […]

Source: Real Estate

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