Stuy Town Deal Gets Federal Funding
ByLeaders are coming from across the country to talk cyber security. Be part of the action at cyberSecure. Gain the insights and relationships necessary to assist your company during all phases of a breach, while keeping revenue on track. In New York on December 15-16. National event.
The acquisition of Stuyvesant Town-Peter Cooper Village is being backed by a $2.7 billion credit guarantee from Fannie Mae.The multifamily division of Wells Fargo will originate the acquisition loan and pass it on to Fannie Mae, which will then sell it off to investors in the form of commercial mortgage-backed securities stamped with its repayment guarantee. This means the federal government in effect will pay back the $5.3 billion acquisition, on top of New York City’s $225 million subsidy package for the buyers.
While Fannie Mae is a company with shareholders, it is backed by the government and has a public mission to further homeownership. “Fannie Mae Multifamily and Wells Fargo are important partners in our effort to preserve the affordable heritage of Stuyvesant Town-Peter Cooper Village,” says Jonathan Gray, Blackstone’s head of real estate…
