The buildings’ ownership was formally transferred today from HillwoodÂ to US Treuhand, a German investment group thatÂ held $185 millionÂ in debt. Hillwood will continue to manage, so I see this as nothing more than a financial restructuring in a difficult period. Note also that I said the buildings. I assume the land still belongs to the original partnership. For my take on how to make Victory work, go here.
UPDATE: The original headline read “Lender” where it now reads “Partner.” I regret the error.