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Fitch: Stuy-Town Debt Service Reserve May Run Dry

NEW YORK CITY-The Stuyvesant Town/Peter Cooper Village loan is likely to run out by the end of this year, according to Fitch Ratings.

By Cody Lyon | Updated on August 28, 2009

NEW YORK CITY-Fitch Ratings says that debt service reserves for New York City’s Stuyvesant Town/Peter Cooper Village loan are likely to run out by the end of this year. The ratings agency says in a release, that in this scenario, a default on the loan is likely if an equity infusion or recapitalization does not take place. Loan sponsors are Tishman Speyer Properties, LP and Black Rock Realty. Tishman had no official response.

However, a source familiar with the deal says the reserve will last longer, but not by much. “The joint venture is confident the reserve will last into 2010, so the ranges are between January and March,” says the source.

Stuyvesant Town/Peter Cooper Village is an 80-acre, 56-building red bricked complex that extends from 14th Street to 23rd Street on Manhattan’s east side. Original owner, MetLife agreed to sell the complex in 2006 to Tishman Speyer and Black Rock for $5.6 billion.

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