High-flying developer faces loan deadline
Crains New York reports: Time is running out for Scott Lawlor, one of New York's most prolific purchasers of prime real estate.
Mr. Lawlor's firm, Broadway Partners, faces a January deadline to repay a loan of $750 million—one of many he used to help fuel a 23-building buying binge in New York and elsewhere. To date, his efforts to come up with the needed cash have fallen short. Meanwhile, another $440 million loan is due in the spring.
“I think Scott will get a loan extension,” says Dan Fasulo, managing director of Real Capital Analytics, a research firm. “Lenders are going to be more pragmatic in this cycle.”
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Posted by: Nina Turner