Tishman Speyer Properties LP and BlackRock Inc.'s realty arm have only about six months' worth of reserves to help pay the $4.5 billion mortgage on Manhattan's largest apartment complex, Fitch Inc. said.

The companies, which bought the 80-acre, 11,200-unit Stuyvesant Town-Peter Cooper Village for $5.3 billion in 2006, are using the reserves because rental income is insufficient to service the debt, Fitch said last week. The general reserve balance has been exhausted and only $128 million of the original $400 million of the debt service reserve remains, the rating agency said.

"Property cash flow is not expected to improve based on the borrowers' restated budget for 2009," Fitch said. "The borrower has approximately six months of reserves remaining to cover the trust portion of the total debt on the property."

The global financial crisis has roiled borrowers such as Tishman and BlackRock, which used loans to buy properties that have fallen in value since they were purchased.

Fitch downgraded 22 classes of securities related to the properties on Oct. 29 because it is taking Tishman and BlackRock longer than anticipated to shift tenants from rent-regulated units to market rates.

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