https://www.bloomberg.com/news/articles/2017-09-06/nyc-landlords-that-can-t-find-buyers-turn-to-borrowing-instead
...In January, Michael Stern’s JDS Development Group secured $660 million in debt against American Copper, a pair of new rental towers on Manhattan’s eastern edge. The financing, arranged by Appel at Jones Lang LaSalle, followed an earlier attempt to sell a minority interest in the 761-unit property, named for its copper facade. JDS and its partners were able to cash out a large chunk of equity with the new loan, Appel said.....
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