Blackstone, La Caisse Obtain $3.15B Refi on StuyTown/Peter Cooper Village
Blackstone has obtained a $3.15-billion refinancing for Stuyvesant Town/Peter Cooper Village, the 11,241-unit apartment complex on Manhattan’s Lower East Side. Crain’s New York Business reported that Wells Fargo originated the mortgage, which replaces a $2.7-billion Fannie Mae financing Blackstone and co-owner La Caisse took out in 2015 and which matures this month.
The two asset management giants paid a total of $5.4 billion to acquire the complex from CWCapital after the previous ownership, led by Tishman Speyer, defaulted on its mortgage. On its website, Blackstone notes that StuyTown/Peter Cooper Village is its largest residential property globally.
Since acquiring the complex, Blackstone has invested more than $425 million in improvements. These included installing more than 9,600 solar panels in 2019. The company also built an onsite management team from the ground up, Beam Living.
StuyTown/Peter Cooper Village was developed by MetLife as workforce housing following the Second World War.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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