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Now this really makes me wonder. Is this why the GSE's were established? Something just doesn't smell right here. Seems to me, after a momentary pause, the FIRE economy insiders are back to gaming the system in every way they can. Or maybe I have this all wrong? Comments anyone?
From the October 6, 2007 NY Times:
Deal Is Complete to Take Archstone REIT Private
By TERRY PRISTIN
After a few weeks’ delay caused by the credit squeeze, the New York real estate company Tishman Speyer Properties and its financial partner Lehman Brothers yesterday completed their $22.2 billion purchase of Archstone-Smith Trust, a real estate investment trust with 359 apartment complexes, mainly on the East and West Coasts.
The deal, announced in May, is the second-largest privatization of a public real estate company after the Blackstone Group’s $39 billion acquisition of Equity Office Properties in February...
...When the Archstone transaction was first announced, some analysts said the price of $60.75 a share was too low. But as the market for securities backed by commercial mortgages dried up in the wake of the subprime mortgage problems, analysts wondered whether the deal would be completed, despite the $1.5 billion breakup fee.
The financing was greatly eased by Fannie Mae and Freddie Mac, which acquired a total of $9 billion in loans...
Link to article:
http://www.nytimes.com/2007/10/06/bu...gewanted=print
From the October 6, 2007 NY Times:
The deal, announced in May, is the second-largest privatization of a public real estate company after the Blackstone Group’s $39 billion acquisition of Equity Office Properties in February...
...When the Archstone transaction was first announced, some analysts said the price of $60.75 a share was too low. But as the market for securities backed by commercial mortgages dried up in the wake of the subprime mortgage problems, analysts wondered whether the deal would be completed, despite the $1.5 billion breakup fee.
The financing was greatly eased by Fannie Mae and Freddie Mac, which acquired a total of $9 billion in loans...
Link to article:
http://www.nytimes.com/2007/10/06/bu...gewanted=print
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