Deutsche Bank will get seven towers on Manhattan for debts
5 February 2008Deutsche Bank has got the right to dispose of seven skyscrapers on Manhattan which were left as a deposit to the credit given by the organization in February, 2007 to businessman Harry Macklowe.
The businessman has bought towers for seven billions dollars, having borrowed from Deutsche Bank 5,8 billion dollars and 1,2 billion dollars from fund Fortress Investment Group LLC. Because of the mortgage crisis Macklowe has not found a way to refinance the debt which should be paid on February, 9.
The last week Macklowe has reached an agreement with Deutsche Bank, according to which the bank has agreed to prolong the term of debt’s payment, getting in exchange an opportunity to control the process the sale. The owner of buildings remains Маклоу to avoid superfluous expenditure on transfer of the property rights.
Macklowe has got the credit from Fortress, having given the personal guarantees for 1 billion dollars, and also his shares in 12 New York buildings. Among them - General Motors Building on the Fifth Avenue.
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