The Wall Street Journal reports that Bank of America has filed a lawsuit alleging that Joseph Freed & Associates has defaulted on their Block 37 project. While many lenders prefer to drag their feet, Bank of America has decided to take a different stance in this instance. According to the ... More
Archive for November, 2009
REO Monitor: Block 37, Chicago
Friday, November 20th, 2009Sam Zell vs. Wilbur Ross
Friday, November 20th, 2009Sam Zell and Wilbur Ross apparently continue to disagree about the future of the commercial real estate market. Wilbur Ross has predicted that commercial real estate is in for a "huge crash". Ross first voiced this opinion during an interview on Bloomberg Radio on October 30th; then yet again on ... More
New List: Hotel Acquisition Funds
Thursday, November 19th, 2009Hotel News Now has started to compile a list of funds which are now targeting new hotel acquisition opportunities. The largest funds on the list so far are: 1. Blackstone Real Estate Partners VI ~ $10.9 billion 2. Loan Star Real Estate Fund II ~ $10 billion target 3. Starwood Capital Hospitality Fund ... More
Navigating the Real Estate Market
Thursday, November 19th, 2009Yesterday, Maria Bartiromo sat down with Barry Sternlicht, CEO of Starwood Capital. The full interview is below: For those with attention deficits, here are some of the highlights: "Real estate really is the last real imperfect market. People are doing things today because they are a little embarrassed of what they ... More
Simon considers General Growth bid
Wednesday, November 18th, 2009According to the Wall Street Journal, Simon Property Group (SPG) has engaged investment advisor Lazard Ltd. to assist in formulating a strategy to bid on all or part of General Growth Properties (GGP). General Growth has been operating under Chapter 11, since filing for bankruptcy this April. GGP has expressed ... More
REO Monitor: MetroPointe Lofts, Atlanta
Tuesday, November 17th, 2009MetroPointe Lofts has been taken back by Capmark. The 368-unit, 1214-bed student housing complex is located along West Marietta Street in Atlanta, Georgia. Developed in 2005, Capmark Finance provided a $75.8 million bridge loan on the property in July of 2006. According to a Capmark Finance press release on the ... More
Peter Stalin speaks with Forbes
Monday, November 16th, 2009Peter Stalin recently sat down with Steve Forbes for a brief interview. In this video clip, he talks a little about some of the recent commercial real estate investment activity by foreign investors. Some of his comments reflect similar ones we made in recent posts, specifically Rising Foreign Investor Interest ... More
REO Monitor: 620 6th Avenue, NY
Monday, November 16th, 2009Chelsea Center has recently been placed in special servicing. The property has experienced several blows, including the bankruptcy filing by Filene's Basement and the GAP not renewing their lease, which comprised approximately 33% of the property. LNR Partners has been designated as the special servicer for the 1st mortgage which ... More
Recent REO Sale by the FDIC
Friday, November 13th, 2009The Wall Street Journal recently reported on the sale of Downey Savings & Loan's former headquarters. Also known as Bayview Corporate Center, the property is located in Newport Beach, California. The buyer, an affiliate of the Salt Lake City, Utah-based S.K. Hart Management paid $52.9 million for the property. Purportedly, ... More
Another Crescent gone bad
Friday, November 20th, 2009The Wall Street Journal reported today that Morgan Stanley has officially given Crescent Real Estate Equities back to its lender. In May of 2007, Morgan Stanley acquired the Ft. Worth, TX-based real estate company for $6.5 billion. In the face of a $2 billion debt maturity, Morgan Stanley officially handed ... More
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