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CalPERS Taking A Walk In Portland

August 20, 2009

Tweet CalPERS is demonstrating why we are still a ways off from seeing the bottom of this “thing”. After joint venturing with Commonwealth Partners LLC to acquire the 355,000 square feet of Class A office space in Portland’s Koin Center building in 2007, the duo have defaulted on the loan and CalPers has made the […]

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Keys Being Handed Back to Lenders on Southern California Portfolio

August 12, 2009

Tweet In an effort to eliminate drag, Maguire Properties has decided to walk away from seven Southern California properties. The debt on the properties total some $1 Billion. Four of the properties were acquired from Equity Office in 2007, which is not surprising since the properties were acquired at the peak of the market. In […]

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Bordeaux Centre Taken By Lender

July 31, 2009

Tweet CBC, California Bavarian Corp, the developer of Bordeaux Centre in Sunnyvale has lost the property to its lender, Wrightwood Capital. The asset had debt on it of approximately $34M, and consists of two (2) 61,921 SF 3-story buildings, and is located at 1376-1380 Bordeaux Drive. The asset was taken back by the lender when […]

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Hines and Sterling American Forfeit 333 Bush

July 29, 2009

Tweet Hines and Sterling American have decided to return 333 Bush Street to the lender. The 550K SF property was acquired at the peak of the market in 2007. The deal fell on its head in September 2008 when the law firm Heller Ehrman, a tenant anchoring 14 floors at the building, voted to dissolve. […]

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94% Off In Miami

July 23, 2009

Tweet A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC. Elcom Condominium LLC with Jorge E. […]

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FDIC Hinting At Forcing Banks To Sell Assets

May 18, 2009

Tweet Bloomberg yesterday had an interesting article citing FDIC Chairwomen Sheila Bair in an interview hinting that some banks may be told that they will need to sell some of their troubled assets. What has happened to date so far during this crisis is that everybody in trouble, from developers, to owners, to banks, seem […]

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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 […]

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Trouble in San Diego for Jay Paul Company

April 11, 2009

Tweet Calculated Risk had another post up on commercial real estate, and it involves a project in San Diego called The Summit Rancho Bernardo. This is Jay Paul Company’s southern California version of Moffett Towers (or is Moffett Towers Northern California’s version of The Summit Rancho Bernardo?). According to the project’s web site, the Summit […]

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$2B London Loan On Deck; Default Likely

April 6, 2009

Tweet A $2B loan against nine London properties comes due in October, and it is likely that the borrower as the deal is competing with $70B of competing loans which need to be refinanced through 2010 in the UK.  An amazing note on this deal is that, Only 12 banks are prepared to lend more […]

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Commercial Real Estate Defaults Rise By 43% In First Quarter

April 1, 2009

Tweet Real Capital Analytics has released numbers for the first quarter, and defaults are up 43% to nearly $66B worth of loans. Q4 2008 ended with some $46B of loans in default. According to the article: 3,678 U.S. properties are now listed as in distress The LA Metro area has about $7.5 billion of distressed properties […]

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