Fortress preparing $4.7 billion bid for Stuyvesant Town: Bloomberg


(Reuters) – Fortress Investment Group LLC (FIG.N: Quote, Profile, Research, Stock Buzz) is considering making a $4.7 billion bid for Stuyvesant Town-Peter Cooper Village, a Manhattan apartment complex, Bloomberg reported, citing a person familiar with the matter.

The New York-based private-equity firm is seeking financing for the bid and a deal would involve bringing in equity partners to contribute cash, the person said. (r.reuters.com/nun39v)

CWCapital Asset Management LLC, a special servicer representing bondholders, took control of the complex in 2010 after its owners missed a debt payment.

MetLife sold the complex in 2007 for a record $5.4 billion to a group led by Tishman Speyer Properties LP and a real estate unit of BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz).

Barclays Plc estimated in a May 2 report that the property could fetch $4 billion to $4.3 billion in a sale, which would result in zero losses to bondholders, the Bloomberg report said.

Fortress and CWCapital could not be immediately reached for comment.

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