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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
