NEW YORK CITY-Deutsche Bank AG has rescued a real estate fund based in New York from losing four office properties in Washington's Virginia suburbs. Last week, the bank closed on a $60-million loan to a fund controlled by Investment Group LP.
The lenders, headed by Normandy Real Estate Partners, controlled a $107-million first mortgage on the buildings and had been trying to confiscate them. But the fund repaid the loan on the 500,000-square-foot office space in Reston with the help of Deutsche Bank.For the full story, go to Wall Street Journal.
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