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$46B in CMBS Balances Now Delinquent

March 3, 2010

Tweet RealPoint’s February report is out and things continue to get worse on the CMBS front. Not only is the oustanding CMBS loan amount huge, but the rate of growth is staggering. The amount of distressed 90+ day loans rose 28% in one month. In January 2010, the delinquent unpaid balance for CMBS increased by […]

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Premier Retail Location in Default

February 16, 2010

Tweet Remember the Premier Retail Location by Santana Row we blogged about back in October? Well not¬†surprisingly, the asset is now in default. On the one hand, only big rents can save this thing, but on the other what is the point of marketing it at a ridiculous rent and simply spinning your wheels? Looking […]

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Prudential Takes Back Torre Plaza

February 16, 2010

Tweet It was imminent, but Prudential has taken back Torre Plaza from RREEF/Snell in a non-judicial foreclosure action. The building was taken back on a credit bid of about $17.6M or $187 psf, which it is not worth. We first wrote up a post about the default back in October. This ended up being a […]

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Congressional Oversight Panel Issues Report on CRE

February 11, 2010

Tweet The Congressional Oversight Panel, chaired by Elizabeth Warren has issued its February report, and it’s focus is on “Commercial Real Estate Losses and the Risk to Financial Stability”. It’s a long read (189 pages), but from the executive summary here are some key points: Between 2010 and 2014, about $1.4 trillion in commercial real […]

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S&P: Worst Yet To Come For Commercial Real Estate Loans

February 1, 2010

Tweet Despite¬†all the good news that you’ve been hearing about commercial real estate, we haven’t been entirely convinced. We’ve indicated that uncertainty and continued weakness in rents and occupancy are powerful enough forces to keep the commercial real estate sector in check for some time. Now S&P is out with a research paper entitled, “Industry […]

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A News Digest For Today

January 27, 2010

Tweet Rather than give you another daily dose of bad news about Tishman or some other poor sap who blindly overpaid for an asset with OPM, today we present you the following interesting headlines: 1) 1-Month Treasury Bills trading negative again. This is only the 2nd or 3rd time this has happened since Lehman went […]

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Fitch: Life Insurers To Face More Losses

January 22, 2010

Tweet Fitch is predicting that US Life Insurers (a la MetLife) may be looking at an additional $15B in commercial real estate related losses. The estimate is that they have taken about 25% of the losses thus far, and most of the losses will take place within the next two years. The life insurers have […]

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Credit Suisse Being Sued For High Loan-To-Value Loan

January 4, 2010

Tweet Credit Suisse is being sued in Montana for allegedly making loans based on inflated appraisals, so that it could take over when the debts couldn’t be repaid. Classic. This would set a pretty gnarly precedent if the lawsuit goes anywhere. Blixseth is suing for losses from his property at the Yellowstone Club in Montana, […]

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Investors Jostling for FDIC Assets

December 23, 2009

Tweet The FDIC has received over a dozen bids for a $1.1B pool of mortgage assets made by now-failed banks. This would mark the second largest sale of FDIC assets since Starwood’s acquisition of Corus Bank assets back in October. No word on how that deal is going, but the deals the FDIC is structuring […]

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More News About Morgan Stanley’s SF Woes

December 17, 2009

Tweet We previously discussed the hand back of the keys by Morgan Stanley on some of their SF assets (here and here), but Bloomberg is now out with an article. Not much new, but now Bloomberg lends some credibility. The San Francisco transfer would mark the second real estate deal to unravel this year for […]

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