StuyTown Troubles
The $3 billion mortgage for the troubled Peter Cooper Village/Stuyvesant Town apartment complex in New York was transferred into special servicing with Needham, Mass.-based CWCapital in November. The property’s owners, a joint venture between Tishman Speyer and BlackRock, had only $24 million left in reserve funds to pay off the debt. A default at the behemoth property could send the entire multifamily market into turmoil, but New York-based Fitch Ratings expects the borrower and special servicer to begin negotiating a workout of the loan to avoid that scenario. — Rachel Z. Azoff
At Long Last
Las Vegas’ highly-anticipated CityCenter opened last month. The $8.5 billion live/work/play mega complex is an enormous gamble for a city that’s been struggling since the recession hit. CityCenter’s grand opening celebration included the debut of Vdara Hotel & Spa; Crystals, a 500,000-square-foot retail and entertainment district; Mandarin Oriental, a hotel plus residences; and ARIA Resort & Casino, a 61-story, 4,004-room gaming resort complete with a Cirque du Soleil Elvis tribute. Move-ins at Veer Towers, the development’s only strictly residential building, begin this month. — Rachel Z. Azoff
Executive Shuffles
In recent months, three REITs have seen the departure of senior executives. In a sign of the times, two of the three companies will spread the duties among other executives. Camden Property Trust announced the retirement of senior vice president of operations Steve Eddington, whose duties will transfer to the REIT’s three division vice presidents. Post Properties simultaneously announced the retirement of Thomas L. Wilkes, president of Post Apartment Management and executive vice president of Post Properties. S. Jamie Teabo, senior vice president of property management, and Charles A. Konas, executive vice president of construction and development, will replace Wilkes. Meanwhile, at UDR, senior vice president and chief information officer Dhrubo Sircar left to join Bell Partners as CIO. — Les Shaver, Chris Wood
On the Horizon
Freddie Mac has taken a big step toward offering a green rehab mortgage, thanks to a partnership with the Community Preservation Corp. (CPC). The organizations recently announced a $1 billion green financing initiative to offer both construction and mortgage loans to multifamily owners pursuing energy-efficient upgrades and retrofits. Half of the funds come straight from Freddie Mac. The pilot program will monitor the long-term effects of green retrofits to measure their efficiency in conserving both heating fuel and electrical and water usage, providing a base for calculating future savings. — Jerry Ascierto
