Fitch Ratings estimates that Tishman Speyer and its partners have six months of reserves left to pay the interest on the loans used to fund the $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village. According to Fitch, the debt service reserve has fallen from $400 million to $127.7 million, as of January 15, and the general reserve balance is wiped out. Another firm told The Real Deal that from January 1 to September 30, 2008, Tishman Speyer reported a net operating income of $101 million on ST/PCV, but the debt service for the first nine months of the year was $147 million. [Real Deal]
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