Bloomberg reported (sorry no link) that a fund jointly started by Citigroup and L&M Development Partners bought the loan for "more than $210 million, the outstanding balance on the senior mortgage, satisfying the loan", but no additional details. The senior is in CSMC 2007-C1 and constitutes 7.08% of the collateral. Unlike some rent-control flips (i.e. PCV/ST), this is actually paying towards the A1A tranche, which is probably held by Freddie (although that is a complete guess).
The A2 is the current pay for the rest of the pool, and a small piece was on a BWIC yesterday. 13mm+ of the A3 was being offered at a 103 handle last week.
This was one of the rent control "let's kick out the rent control tenants and replace them with market-payers" projects that failed miserably. Vantage and Area Property Partners were the sellers.
We've previously discussed Savoy Park (fka Delano Village) here.
CoStar's People of Note (May 19 - 25)
15 hours ago