Flagstar Financial sold a $343 million portfolio of eight sub-performing loans to Lone Star Funds at a small discount. The loans include $80 million for Stellar Management’s 220 Fifth Avenue, $77 million for Olnick Organization’s 130 Fifth Avenue, and $66 million for RXR’s Standard Motors Building. The sale, arranged by Newmark’s Adam Spies and Josh King, follows Flagstar’s recent offload of $142 million in rent-stabilized debt to Cantor Fitzgerald. Lone Star, backed by multibillion-dollar funds for distressed assets, continues to seize real estate investment opportunities across North America, Europe, and Japan.
220 Fifth Avenue
