RPT-UPDATE 1-Ross may offer financing for Stuyvesant management

(Repeats with new story number, no change to headline or
text)

* LeFrak offers to take over Stuyvesant management-Ross

* WL Ross willing to provide financial support to LeFrak

By Chelsea Emery

NEW YORK, Jan 25 (BestGrowthStock) – Investor Wilbur Ross said on
Monday his firm would provide “major financial support” to help
LeFrak Organization in its offer to take over management of New
York’s Stuyvesant Town and Peter Cooper Village housing
complexes.

“We are supporting LeFrak in its efforts to become the
manager of the property succeeding Tishman Speyer,” said Ross
in an interview. “We’ll do whatever we can to facilitate that,
including — if and when it’s appropriate — provide major
financial support for a restructuring.”

LeFrak did not return a call for comment.

Ross, who specializes in investing in distressed assets and
companies, declined to speculate on how much his firm, WL Ross,
might provide.

“We don’t know what it entails,” he said. “It probably
would be a substantial sum.”

Ross also declined to speculate on the possible return on
an investment.

“We haven’t even been inside on any due diligence,” he
said. “To look at return at this early state is impossible.”

The owners of the Stuyvesant Town and Peter Cooper Village
housing complex in Manhattan said on Monday they would give up
control of the property to creditors.

Tishman Speyer Properties LP and a realty unit of BlackRock
Inc (BLK.N: ) are surrendering the 11,200-apartment property four
years after their venture bought it from MetLife Inc (MET.N: ).
The
move follows a default this month on $4.4 billion of debt used
to
finance the purchase.

Ross said it was a complex deal, which was evolving rapidly
since bondholders were still investigating which path to
pursue.

“This is not a building complex,” said Ross. “It’s a place
where thousands and thousands of people live. It’s not just
some ‘Wham bam, thank you Ma’am’ foreclosure.”

Stock Research Tools

(Reporting by Chelsea Emery; Editing by Phil Berlowitz)

RPT-UPDATE 1-Ross may offer financing for Stuyvesant management