The Plymouth Radisson’s $7.1 million matured six months ago, and the owners have to come up with something very fast if they want to retain the title hotel. However, New York-based Elliot Heifetz doesn’t seem worried, at least that’s what he showed saying that negotiations with the loan’s special servicer are ongoing and the is [...]
A planned Northern Colorado Boondocks Fun Center designed to bring joy in the life of thousands, won’t be able to do that. It was put on hold indefinitely last summer as a result of the uncertain economy, and it slipped into foreclosure recently, court records show. The planned 52,000-square-foot facility on 10 acres in Johnstown [...]
Hard times aren’t news to the central San Joaquin Valley, as recent years saw unemployment skyrocket and housing values falling down. Now the area joins the row of church foreclosures as Cornerstone Church in the heart of Fresno is in the process of foreclosure. And that’s not all: the church’s properties are all in the [...]
The controversial property owner from Harrison Street now faces foreclosure on its several high-profile buildings. This is how the Oa park Arts District has now a big question sign above its faith. Chicago Community Bank has filed to foreclose on six properties along Harrison, including buildings housing the Brown Elephant resale store, Brijo Restaurant and [...]
Movies represent an essential part of our everyday life. And now one of the biggest movie studios are approaching a foreclosure sale. But faith somehow let the studios breath fresh air. The foreclosure sales was delayed again although it was scheduled for Thursday. The meeting scheduled for that important day in the studio’s life was [...]
Ceebraid-Signal Corporation is forced to turn its Village Club Apartments in Palm Springs, after it lost a $26.6 million judgement. The winner of the judgement is LaSalle Bank, who acts as a trustee for a commercial mortgage-backed securities fund. Village Club Apartment are affiliated with the West palm Beach-based developer, Ceebraid Corp. The lender won [...]
The owners of Hard Rock Hotel & Casino in LA filed a lawsuit to prevent lenders from foreclosing the property and selling it on the courthouse steps in Manhattan on February 7. The complaint says that the lenders don’t have approval from the Nevada Gaming Commission and their claims of loan default aren’t real or [...]
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, [...]
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