For CMBS, 'Worst Is Yet to Come'
Fitch said loss rates on mortgage-backed securities reached an all-time high average of 57% last year, and the rate will continue to exceed the historical average of 37% through 2011. |
In Berlin, a Buying Opportunity
South Korea's pension fund has paid nearly $700 million for Sony Center, a possible sign of recovery in Europe's commercial-property market as some investors see prices nearing a bottom. |
Developer Tests East Village, Chelsea
A New York developer is about to test the strength of the rebound in the rental apartment market by simultaneously opening luxury rental-buildings in the East Village and Chelsea. |
Durst, Related Face Off in WTC Bid
Two well-respected but very different New York developers are going head to head for the right to buy into One World Trade Center, the 1,776-foot-tall office tower that will define the rebuilding of Ground Zero. |
Centerbridge Wins Extended Stay Auction
A group led by Centerbridge Partners prevailed in an auction to take Extended Stay out of bankruptcy protection, offering nearly $4 billion to clinch the purchase of the distressed hotel chain. |
Boston Properties Bows Out
The company has dropped its quest to invest in and manage One World Trade Center in downtown Manhattan, leaving the Durst Organization and Related Cos. to vie for the business. |
For Some REITs, Payout Date Looms
Many investors are expected to demand that convertible bonds be paid back in full, a figure that could reach $15 billion over the next two years. |
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HSBC Unit Buys Washington Building
The Alternative Investments division is purchasing the office building at 1350 I St. in Washington, the second big deal in the nation's capital it has done in less than seven months. |
Chicago Landmark Teeters
The Allerton Hotel, an 86-year old landmark known in the 1940s and '50s for its Tip Top Tap lounge, faces a foreclosure auction, another victim of the economic downturn. |
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FDIC and Developer Slug It Out
After Corus Bank failed last year, the FDIC inherited the $163 million construction loan on Sonny Astani's Concerto development in Los Angeles. The FDIC and its group of private partners want to seize the property, but Mr. Astani is fighting for his project. |
Hong Kong Trophy Goes for Record Price
The family that controls Henderson Land Development bought a site at The Peak in Hong Kong for $233 million at auction, reflecting strong demand for land in the upscale neighborhood. |
A Project in Hawaii Stumbles
Bank of Scotland, a British bank that financed a boom-era, 1,500-acre luxury golf-course community in the Hawaiian city of Kailua-Kona, is suffering a steep loss on the stalled project. |
Columbia Feeds Clearview IPO
Columbia Sussex will sell 14 hotels to the REIT after Clearview goes public, and in the process remove $442 million from its $2 billion debt load. |
Advocates Tout A Property Rally
The Mortgage Bankers Association has a piece of good news to deliver to the credit-starved commercial-property industry: The amount of commercial mortgages originated in the first quarter rose 12% from a year earlier. |
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City Center Faces Dispute
Contractor claims against City Center, the $8.5 billion mixed-use Las Vegas casino project, could jeopardize the project's loan contracts and condo sales, the project said in a recent court filing. |
New Lead-Paint Law Heavy on Budgets
Contractors and other professionals who work on building renovations are worried that a new government ruling aimed at protecting against the risks of lead-paint poisoning will add another financial burden to their already distressed sector of the economy. |
