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Speyers Throw In the Towel, Hand Stuy Town to Lenders

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"And so ends the bumpy ride for the Speyer family, which became the public face of the failed deal, the largest ever for an individual property. In all, the buyers rounded up $6.29 billion to buy the complex: $5.4 billion to buy the site and another $890 million for debt service and other reserves," The Observer reports. "Of that, the $1.89 billion in equity is now completely gone, with investors such as California pension funds CalPERS and CalSTRS, a Florida pension fund and the Church of England left with nothing from their investment."
SOURCE:   The Observer