Lembi Fallout Hitting Tamalpais Bank Hard

December 10, 2009

Tweet San Francisco magazine is out with a detailed update on the Lembi apartment fiasco in SF, replete with attachments and all. Tamalpais Bank made most of the Lembi loans between December 2007 and April 2008. In spring 2008, the bank’s parent company announced record earnings and assets, propelled in part by expansion of its [...]

Dubai World Strategically Defaults

November 27, 2009

Tweet The Chairman of the “Supreme Fiscal Committee” has indicated that the default of Dubai World was carefully planned. This really is not surprising. As somebody who was in Dubai last year, and saw the hundreds of hollow buildings and the construction up close, it really is not surprising that the party has come to [...]

Round Trip For 17M SF of Property as Morgan Stanley Hands Back The Keys

November 20, 2009

Tweet Morgan Stanley has officially handed the keys back on the Crescent portfolio we posted on last month. Including debt, Morgan picked up Crescent Real Estate Equities for $6.5B. The portfolio consists of some 17M SF of commercial and hospitality product. After providing Morgan with a 3-month extension back in August, the calling for the [...]

Non-Judicial Foreclosure Not Good Enough For Bank of America

November 18, 2009

Tweet Came across an article on Globe St. about Bank of America filing a complaint against Maguire Properties for a debt owed on the 16-story, 308,000 SF office property on Michelson Drive in Irvine. It isn’t news that the building is in trouble, or that Maguire defaulted – after all Maguire Properties has made it [...]

FDIC Property Sales Approaching 90′s Levels

November 17, 2009

Tweet In 1994, the FDIC unloaded about $1.16B worth of land and buildings. In the first nine months of this year, the FDIC unloaded about $727M. 112 of the 1,706 properties sold so far this year have been in California, with a lion’s share taking place in Georgia where the FDIC has sold some 900 [...]

CRE Dominoes: 8000 Marina Blvd Defaults

November 12, 2009

Tweet 8000 Marina Blvd, the 193,519 square feet Class A office project in Brisbane has gone into default. The building was acquired by Broadway Partners in 2006 for approximately $54M ($280 psf). Broadway, on its website is reporting that it disposed of the asset in August of 2007 though we’re not quite sure to who. [...]

Stuyvestant Town’s $3B Loan Goes to Special Servicing

November 7, 2009

Tweet Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a [...]

Golden Gate Fields Set For Auction In Early 2010

October 27, 2009

Tweet Magna Entertainment Corp., the bankrupt operator of nine race tracks nationwide, will ask a judge Oct. 27 for permission to sell Golden Gate Fields at auction in early 2010. The largest horse track operator in the country, Magna has sought to auction all its properties since filing for Chapter 11 protection in March. It [...]

Watergate Towers Update

October 26, 2009

Tweet The Watergate office towers complex in Emeryville has been under receivership and The Registry is reporting Divco is possibly nibbling at the asset. The four-building complex was acquired by Hines. Buildings 1-3 (older towers built in 70-80′s) were acquired by a Hines partnership with guess who….CalPERS! These are expected to be foreclosed on next month. The [...]

Nearly 20% of Construction Debt is Delinquent

October 26, 2009

Tweet There are a number of data providers who put out estimates for commercial delinquencies, so the numbers are not entirely consistent in news reports. Nevertheless, according to a Globe St. article and a local provider of data, 4.7% of commercial loans are past the 60-day delinquent mark, and increasing. The total delinquency rate for [...]