While commercial real estate lenders may be willing to negotiate workouts with a number of property types that are underwater in regard to their debt load,
10th July, 2012 - Posted by Jeffrey S. Weil, MCR.h, SIOR - No Comments
in the trophy property department lenders might actually prefer taking back high-profile properties that they can then sell and in some cases recover most of their money. One recent example was the Two California Plaza 1.3 million square foot office building in Los Angeles, which went into default in December 2010 had $470 million in debt and was recently appraised at $360 million. It had been acquired by MPG Office Trust from The Blackstone Group for $579 million in 2007.
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Posted on: July 10, 2012