Tag Archives: Five Mile Capital

Hancock Tower foreclosure a pure Greenwich play

Almost everyone who played any role in the fall of Boston’s John Hancock Tower seems to have come from Greenwich. This Reuters story lays out the players nicely – who lost (Greenwich’s Scott Lawler and his Broadway Partners) who won (Chip Kruger, founder of Greenwich capital who sold out to RBS and started Five Mile Capital) and who won by peddling the junk to third parties but still went belly up – Lehman Brothers, naturally. I can’t figure out how much, if anything, Kruger’s old firm GC lost but they were lenders on the loan, too. Excellent article for those of us who wouldn’t know a mezzanine loan unless it bit us. This one certainly bit Mr. Lawler, who, besides losing $500 million or so on this deal, is currently trying to unload Victor Borge’s former yard on Field Point Circle and a failed building project in Khakum Wood, both below cost. If you smell blood in the water, look at one of those places first.

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