Baltimore’s Sun Life building went to a new owner – a Florida real estate company – for $4.5 million at a foreclosure auction on Thursday. This sale of of 20 S. Charles St. is marked to first downtown office tower to be sold at foreclosure auction in recent history. The sole bidder was BACM 2002-PB2 [...]
The Hagerstown Hotel and Convention Center foreclosure auction lasted about 3 minutes. Or more precisely until the Richard Hagerty read the legal notice and asked for final bids. There was only one bidder present: the company holding the promissory note on the property being sold for $2 million. VFC Partners 8 LLC placed its bid [...]
Consequent upon the beleaguered commercial real estate market, there has been a wave of Commercial Market Based Securities (CMBS) Retail Loan Delinquencies in the past few years. The reason is consumer spending has shrunk; linked to depleted household income; again linked to growing unemployment – which has resulted adversely, in the commercial real estate market. [...]
Call it an irony – lending banks have made billions of profits this year; commercial real estate asset quality continues to improve nationwide; and yet additional lending for commercial properties is yet to take off, excepting multifamily sector. According to latest information provided by CoStar Group, lending activity continues at slightly declining levels for nonresidential [...]
The construction industry as a whole, across the country is expected to get a shot in the arm by next year, according to the latest forecast. There are no different opinions about the bleak scenario prevailed in the real estate industry, both residential and commercial, in 2008 and 2009. But there are signs of rebound, [...]
From the downturned commercial real estate property market for the last few years, one could not hear good news of purchase activity often. But with signs of market rebound appearing in the commercial property horizon, we are coming across such news from the media of late. The San Francisco Bay Area of California, one of [...]
The developers of the Miami Worldcenter project just loss a $41.9 million judgement and they have to face the reality: the site they planned to build 12 million square feet of space will go to auction. The judgement was won by Fifth Third bank based on $39.5 million in mortgages covering most of the 25-acre [...]
LeBron James is making a splash in South Florida after joining the Miami Heat, but the Cavalier Hotel is going down. The lender, BDP Bank filed a foreclosure lawsuit against the property owner, Ocean Drive Investment, Cavalier Hotel and managing member Ralph Abravaya, the Miami-Dade County Circuit Court records show. The lawsuit papers talk about [...]
The world’s tallest building, the Chicago Spire will become the property of the Irish government. The unfinished development is the property of the Irish developer Garrett Kelleher, who has out to build the Spire. The Anglo Irish Bank has filed a $77 million foreclosure suit against the developer. The work on the development stopped about [...]
A $28.7 million mortgage payment failure to Fannie Mae lead the Remy family to a foreclosure auction where all nine contested apartment buildings owned will be sold. The decisions by various judges in Tulsa County court began coming down last month and reached the final property Executive Series Apartments. There already foreclosed properties are: Executive [...]
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