Macklowe Losing Another Building
April 21, 2009
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 information about [...]
Hancock Tower Fetches $660M At Auction; Normandy and Five Mile Winners
March 31, 2009
The foreclosure sale of Hancock Tower took place today. According to the Boston Globe, Normandy Real Estate and Five Mile Capital Partners acquired the building for $660.6M ($376 psf) in an auction that lasted less than 10 minutes. In fact, the duo were the only bidders at the auction. The building is about 1.755 million square [...]
Read More >>John Hancock Tower To Be Sold Tomorrow At Auction
March 30, 2009
John Hancock Tower in Boston, is set to go on the auction block tomorrow in New York State. The tower, which was acquired by Broadway Partners for $1.3B, is anticipated to go for about half of that price. According to Bloomberg, Normandy Real Estate holds about $472M worth of loans on the tower, and is [...]
Read More >>Government Moving Towards Bailout of Commercial Real Estate
March 9, 2009
But office vacancy rates are heading toward record levels, according to one estimate, and banks are exposed, with $1.72 trillion in commercial real estate loans outstanding as of Feb. 18.
The Christian Science Monitor has a pretty high-level article on the state of the commercial lending market. For almost a year now, many of us have [...]
Boston’s John Hancock Tower To Be Auctioned Off March 31
February 10, 2009
Last month it became known that Broadway Partners, the once high-flying PE firm who acquired $8B worth of office properties in a 6 month period in late 2006/early 2007, defaulted on its mortgage for the 1.75M square feet John Hancock Tower. The firm Green Loan Services has now announced that the property will be auctioned [...]
Read More >>Infighting Amongst Hancock Tower Debt Holders
January 21, 2009
The WSJ had an article about the default of Hancock Tower and the disagreement between debt holders about foreclosure. The senior debt holders want foreclosure and the more junior note holders obviously want an extension out of fear they will be wiped out. The most senior debt piece is reportedly held by the John Buck [...]
Read More >>First Signs of Cracking: Broadway Partners Defaults on Hancock Tower
January 9, 2009
New York’s Broadway Partners has apparently defaulted on their loan on an acquisition they made back in 2006, according to a report in the Boston Herald. The acquisition of Hancock Tower in 2006 for $1.3 Billion was a landmark deal at the top of the market. Hancock Tower is a 60-Story, 1,755,398 square feet, Class-A office [...]
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