Aby Rosen’s RFR bought some buildings from Sam Zell at the top of the market in 2007:

Mr. Rosen, also is a well-known art collector and fixture in Manhattan society, paid $850 million back then for seven Stamford, Conn., office buildings. Now, the portfolio’s value has plunged, and Mr. Rosen is in talks to modify the $300 million first mortgage secured by the properties.

In July, the loan, which was converted into commercial mortgage-backed securities, or CMBS, was transferred to a special servicer, a company that handles loans that are troubled and require attention. RFR Holding LLC, the New York-based firm founded by Mr. Rosen and his partner Michael Fuchs, said negotiations with lenders were due to a “minor required loan modification,” and didn’t involve a shortfall or default. […] Like many investors who bought at the top of the market, Mr. Rosen has seen the value of his Stamford properties fall sharply. He paid roughly $513 a square foot for the 1.6 million-square-foot portfolio. The property’s value has dropped 30% or more, according to an estimate by Dan Fasulo, head of research for Real Capital Analytics. […] Stamford isn’t Mr. Rosen’s only challenge. In July, lenders ING Real Estate Finance and Swedbank AB, sued Mr. Rosen and Mr. Fuchs for repayment of a $145 million hotel-construction loan that they personally guaranteed as part of a foreclosure action against the New York City project, known as the Shangri-La. RFR said the suit is of “no concern.” ING didn’t respond to a request to comment.

Rosen’s Piece of Zell’s Office Empire Takes Downward Dive (Wall Street Journal)