Bill Ackman’s Pershing Square Capital Management LP joined with Winthrop Realty Trust to buy $300 million in defaulted mezzanine loans on Stuyvesant Town-Peter Cooper Village, Manhattan’s largest apartment complex. The joint venture paid $45 million for the senior-level mezzanine debt and began foreclosure proceedings on the property, the companies said today in a statement. Pershing Square, based in New York, owns 77.5 percent of the venture.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
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