Tishman Speyer, BlackRock to Miss Monthly Payment on Stuyvesant Town Debt
Tishman Speyer Properties LP and BlackRock Inc. will miss a bond payment today on debt from their $5.4 billion purchase of Manhattana s Stuyvesant Town and Peter Cooper Village apartments, the companies said in a statement.
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#1 Jan 24, 2010
This comes to no surprise as the acquisitions team consists of a team comprised mostly of young guys with big egos. They wanted to be recognized as one of the best real estate companies with one of the largest purchases in history, regardless of debt or risk. Investors were being turned away just a few years ago as they were convinced there partners, lenders and JV's were not over extended and fully capable. Maybe next time they will be more open in there approach and learn that due diligence is more important that having the biggest and largest piece of the pie.
It is a great company with many great minds but unfortunately bigger egos.
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