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A consortium of five lenders that hold the secured debt on the $2B Xanadu at the Meadowlands Sports Complex announced yesterday that it exercised its right to take control of the project from the previous ownership group. That's so it can get moving on the stalled 4.8M SF project in advance of the 2014 Super Bowl. Buildings are now being signed faster than the Jets' Darelle Revis.
Xanadu at the Meadowlands Sports Complex
The lenders are currently negotiating with several entertainment and retail operators with the financial resources to successfully complete the project—the New York Post IDs Related Cos. as one—and as part of the negotiation, the new operator will be required to accelerate completion of the project, including refinishing the widely criticized exterior and implementing a re-branding campaign. The project broke ground in '04 and was originally slated for '07 completion. The lenders are being advised by Moelis & Co., Sills Cummis & Gross, and Weil Gotshal & Manges.
Related Topics: Weil Gotshal