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A few months after the $3-billion first mortgage on the Peter Cooper Village/Stuyvesant Town apartment complex in New York City first went into special servicing and then into foreclosure proceedings, another high watermark deal of the current market has started down a similar route. The Blackstone Group in late May transferred to a special servicer the $4.9 billion of CMBS debt remaining from its $39.2-billion purchase of Equity Office Properties Trust. It’s reportedly now the largest loan in special servicing.


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