NEW YORK CITY—An affiliate of locally-based Brookfield Properties is reportedly the leading bidder to acquire a major stake in a refinancing of a nearly 4,000-unit apartment package.
The owners of the portfolio, Urban American and the City Investment Fund, are looking to recapitalize the 3,962-unit package before $800 million in Fannie Mae loans mature on May 6, according to The Real Deal.
The Brookfield affiliate is reportedly the leading bidder for a large stake in a $1.1-billion refinancing of the 26-property portfolio.
The newspaper reports that Starwood Capital Group and Westbrook Partners are among a number of interested institutional investors seeking to acquire a stake in the portfolio. See story in The Real Deal.
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