Brooklyn Tower Defaults With $40M UPB

Posted by Orb Staff on August 14, 2009 No Comments
Categories : Commercial Mortgage

Forte Condos, a high-rise tower in Brooklyn, has gone into default, landing the property back into the lap of Germany-based Eurohypo.

According to a report from the Euromoney Institutional Investor, The Clarett Group defaulted on the loan, which has an outstanding principal balance of more than $40 million.

Eurohypo will recruit Caliper Real Estate Group as property manager for the 28-story tower.

SOURCE: EMII

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