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Next Wave of Stress Tests To Focus on CRE

October 26, 2009

Tweet Many of the nation’s community and regional banks turned to commercial real estate lending during the last run up to boost profits through higher yields. Now, many of these same banks are saddled with commercial real estate debt on their books, and some banks such as Sterling Financial have 50% of their loan exposure […]

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Tishman Loses Stuyvesant Town Ruling

October 22, 2009

Tweet A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were […]

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Hawaii Uh-Oh: Hotels in Trouble

October 13, 2009

Tweet Hawaii will be one of the hardest hit in the hotel sector. The number of hotels in trouble is staggering, and the dollar amounts blistering. During the “boom years”, PE firms and conduits had a voracious appetite for Hawaiian Hotels and their debt, fueling record high prices that were extremely susceptible to even the smallest fall in […]

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Sunnyvale Town Center Goes Into Receivership

October 8, 2009

Tweet The Business Journal is reporting that receivers and advisors have been named on the Sunnyvale Town Center project. Jerry Hunt, president of Blake Hunt Ventures of Danville, and Quattro Realty Group were appointed as receivers. Meanwhile, Wilson Meany Sullivan, developer of The 88 condominium tower in San Jose, and Federal Realty Investment Trust, the […]

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Fed Concerns About Commercial Real Estate Grow

October 7, 2009

Tweet The Federal Reserve is becoming increasingly concerned about commercial real estate. A Fed presentation reviewed by the WSJ indicates the body’s concern over the speed with which banks are recognizing commercial real estate losses and that the banks are on a similar track as when they were slow to react to the residential crisis. […]

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Starwood Reportedly Winner of Corus Bank Assets

October 2, 2009

Tweet The WSJ is reporting that a group led by Starwood Capital is the likely winner of the auction for Corus Bank’s commercial real estate assets. The “face” value of the assets is about $5 Billion according to the article, and the deal is far from done. Starwood recently raised a big chunk of change […]

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RREEF and Snell Default on Torre Plaza in Cupertino

October 1, 2009

Tweet RREEF and Snell+Co. have defaulted on Torre Plaza in Cupertino. The 93,000 square foot asset was picked up by Snell and RREEF last August for about $29.2M. The 3-story, class B asset sits on about a 180K SF parcel. The original loan amount was for $24.5M, and RREEF is about $686K back on the […]

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Hammer Dropping on Sunnyvale Town Center

September 9, 2009

Tweet Wachovia will be pursuing foreclosure of the massive Sunnyvale Town Center project. Meanwhile, contractors and subs have lined up and filed liens against the massive Sunnyvale project – and DevCon, the general also has filed to force a sale. Wachovia has about $120M into the deal, while RREEF and Sand Hill have about $200M […]

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New Owners Squeeze Market

August 27, 2009

Tweet A reader sent me a Globe St. article on a deal in Las Vegas. Panattoni has acquired a 40% finished project at a low price, and has now turned around and began marketing (and selling) buildings which were previously listed for $205 psf for $100. I am posting this because it goes back to […]

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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 […]

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