Closing Up: Ritz Carlton Las Vegas Shutting Doors May 2nd
February 10, 2010
Tweet The Ritz Carlton Las Vegas is set to close on May 2nd as a result of lax demand. The hotel is a bit out of the way, but is certainly a very nice resort. The owner of the property is an arm of Deutsche Bank, which has decided to stop funding the resort effective [...]
Read More >>New Basis, New Rents
October 23, 2009
Tweet Following a Harry Macklowe gamble that went south, George Comfort & Sons picked up Manhattan’s Worldwide Plaza for about $600M, 60% below what Macklowe had paid for the asset $1.7B for the asset just 2 years earlier. What’s more is that Deutsche carried back 80% on the new purchase as well. But now that [...]
Read More >>Stockbridge Seeking Deal To Takeover Fund That Acquired Peery/Arrillaga Portfolio
August 20, 2009
Tweet Stockbridge is seeking a deal to take over the management of the $2.6B RREEF America REIT III real estate fund. This is the same fund that acquired the 119 office and research and development properties from Peery/Arrillaga which we raised questions about last month, as well as the Sunnyvale Town Center project which construction has [...]
Read More >>Deutsche Bank Q1 CRE Outlook
May 10, 2009
Tweet I was going through old documents and came across Deutsche Bank’s Q1 commercial real estate outlook. It’s about two months old now, but it has some good info so I figured better to post it late than never. The file, which is embedded below, contains some very good data on CMBS, loan maturities, and [...]
Read More >>Macklowe Losing Another Building
April 21, 2009
Tweet The Macklowe Empire is shrinking again. The NY-based developer is set to lose another building, 1330 Avenue of the Americas, to a Canadian lender. The foreclosure is similar to nature to the Hancock Tower transaction in which the foreclosure is being triggered by a default on the mezzanine debt. Bloomberg has the following additional [...]
Read More >>CRE Crisis To Eclipse Early 90′s
March 25, 2009
Tweet The WSJ has an article today on the accelerating pace of defaults and delinquencies on commercial loans, and the likelihood that the crisis could eclipse that which occurred in the early 1990′s. Some notable items in the article include: According to an analysis of bank financial reports by The Wall Street Journal, the broad [...]
Read More >>If New York is a Leading Indicator…
December 10, 2008
Tweet New York is, if nothing else, a psychological benchmark and leading indicator for a lot of people when it comes to analyzing the state of the real estate market. TRD is reporting that prices are being slashed for trophy assets, and there is still trouble in finding buyers. According to the article in TRD, [...]
Read More >>Macklowe Likely To Forfeit His 7-Property New York City Portfolio
February 6, 2008
Tweet After taking control of a $7B portfolio of properties from Equity Office last year, Harry Macklowe’s financing situation is rumored to have led to a deal to relinquish control of his properties to his lender, Deutsche Bank. His financing package, when he acquired the buildings, only required him to put $50M worth of equity [...]
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