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Mall values plunge 60 per cent after reappraisals triggered by bad debt bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
About $4 billion in value was erased from 118 retail-anchored properties with CMBS debt after reappraisals. Bloomberg | Mar 01, 2021 (Bloomberg) U.S. mall values plunged an average 60% after appraisals in 2020, a sign of more pain to come for retail properties even as the economy emerges from pandemic-enforced lockdowns. About $4 billion in value was erased from 118 retail-anchored properties with commercial mortgage-backed securities debt after reappraisals triggered by payment delinquencies, defaults or foreclosures, according to data compiled by Bloomberg. That average drop which reflects the change in value since the debt was originated years ago may underestimate losses when the properties come up for sale because so much retail real estate is in distress. And few buyers are willing to take risks on aging shopping centers as e-commerce continues to grab market share. ....
by Bloomberg |Wednesday, February 03, 2021 Houston ended last year with a 24% office-vacancy rate, the highest of any major US city, according to Jones Lang LaSalle Inc. (Bloomberg) For all the talk of workers fleeing pricey coastal cities such as New York and San Francisco, one of the most troubled spots in the U.S. commercial real estate market is deep in the heart of Texas. Houston ended last year with a 24% office-vacancy rate, the highest of any major U.S. city, according to Jones Lang LaSalle Inc. After years of construction to accommodate an oil boom that’s now gone bust, buildings are sitting empty, values are plunging and mortgage defaults are piling up. ....
Hotelier Burned in Financial Crisis Loses Again in Pandemic Bust Columbia Sussex Group is in foreclosure on three hotels and is prepared to surrender two others to the lender. Bloomberg | Jan 25, 2021 (Bloomberg) A hotel company that ran into trouble during the financial crisis is shaping up to be one of the biggest losers in the pandemic lodging bust, as property owners who delayed debt payments grapple with impatient lenders. Columbia Sussex Corp., the closely held Crestview Hills, Kentucky-based owner of 49 lodging properties, is in foreclosure on three hotels, and is prepared to surrender two others to lenders, loan documents compiled by Bloomberg show. At least 25 properties that the company has financed with loans packaged into commercial-mortgage backed securities are in special servicing or on servicer watch lists. ....
Columbia Sussex Corp. is in foreclosure on three hotels nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.