Overseas Lenders Swallow Big Losses at 1 Willoughby Square, Hitting Canadian Pension and EB-5 Investors
Updated
Updated · Crain's New York Business · May 21
Overseas Lenders Swallow Big Losses at 1 Willoughby Square, Hitting Canadian Pension and EB-5 Investors
1 articles · Updated · Crain's New York Business · May 21
1 Willoughby Square, Brooklyn’s tallest office tower, inflicted heavy losses on overseas lenders, with a Canadian pension fund and EB-5 investors among those hit.
The losses underscore distress in a high-profile New York office asset, showing that foreign capital tied to the project was unable to avoid the building’s deterioration.
EB-5 investors and the Canadian pension fund were swept into the same downturn, broadening the damage beyond traditional lenders to immigration-linked and institutional capital.
The write-downs add to pressure across New York commercial real estate, where marquee office projects remain vulnerable as financing and occupancy conditions stay strained.
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