CRE Dominoes: FDIC Takes Over Three California Banks
October 30, 2009
The FDIC has shut down three California banks: Pacific National Bank, California National Bank, and San Diego National Bank. The three banks all were invested heavily in commercial real estate. Pacific National, as it was mentioned in The Registry article as being a lender on Moffett Towers (phase 2), was also involved in other development [...]
Read More >>Watergate Towers Update
October 26, 2009
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 fourth [...]
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