NEW YORK-The Savoy Park group, which purchased the Savoy Park apartment complex consisting of 1,802 units in Harlem for $175 million in 2006, is looking to restructure the debt on the complex that amounts to $210 million.
The group refinanced the Savoy Park placing the debt at $367.5 million, which includes a first mortgage of $210 million and a junior debt of $157.5 million, on the property. The net cash flow of the property decreased to $5.7 million in 2009. For the full story, go to Wall Street Journal.
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