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Latest California Distressed Assets Stories

Latest Chicago & Midwest Distressed Assets Stories

Owner of Mag Mile Hotel Property Handing Keys to Lender

Chicago & Midwest  + Downtown  + Distressed Assets | September 19, 2021

A venture of Cranston, RI-based real estate investor Procaccianti has an agreement to transfer the 345-key Hilton Chicago Magnificent Mile Suites to a trustee for its lender through a deed-in-lieu of foreclosure, Crain’s Chicago Business reported. The current loan balance is just under $70 million, according to Bloomberg data.  For Procaccianti, the pandemic hit less than seven months …

Elliott Management to Acquire Paper Source out of Bankruptcy

Chicago & Midwest  + Downtown  + Distressed Assets | May 12, 2021

Funds advised by private equity form Elliott Investment Management L.P. have entered into a definitive agreement to acquire the assets and business operations of Paper Source Inc. Reuters reported the price at $91.5 million. The acquisition of Paper Source by Elliott allows the Chicago-based stationery and gift retailer to emerge from Chapter 11 with the …

Latest Florida & Gulf Coast Distressed Assets Stories

Latest Global Distressed Assets Stories

Starwood Capital Smashes Record with $10B-Plus Fundraise

National  + Global  + Distressed Assets | October 15, 2021

Starwood Capital Group said Friday it had closed its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XII (SOF XII), at north of $10 billion. The capital raise exceeded the $7.6 billion garnered by the fund’s predecessor, SOF XI.   “We are grateful to our new and longtime partners for the trust they continue to place in us as …

CMBS Delinquencies Retreat, But the Crystal Ball is Cloudy

Global  + Distressed Assets | February 26, 2021

Although it’s too soon to predict exactly what the anticipated wave of distressed commercial real estate loans will look like, what the market has seen to date has looked very different from the distress cycle of the Global Financial Crisis. However, CMBS delinquencies in two sectors—lodging and retail—reached a higher peak during the pandemic than …

Latest National Distressed Assets Stories

Starwood Capital Smashes Record with $10B-Plus Fundraise

National  + Global  + Distressed Assets | October 15, 2021

Starwood Capital Group said Friday it had closed its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XII (SOF XII), at north of $10 billion. The capital raise exceeded the $7.6 billion garnered by the fund’s predecessor, SOF XI.   “We are grateful to our new and longtime partners for the trust they continue to place in us as …

ISS Recommends Shareholders Approve Cash-Strapped Senior Living Operator’s Financing Deal

National  + Distressed Assets | October 11, 2021

Proxy advisory firm Institutional Shareholder Services (ISS) said Monday it recommended that shareholders of Capital Senior Living vote in favor of an investment agreement with Conversant Capital to raise up to $154.8 million. Without the financing, Dallas-based Capital Senior Living said last week, the company will likely run out of cash by year’s end.  “The company appears to have its back against the wall, with a high level of leverage …

Latest New York & Tri-State Distressed Assets Stories

JLL Closes Sale of Non-Performing Loan on Williamsburg Apartments

New York & Tri-State  + Outer  + Distressed Assets | October 10, 2021

JLL Capital Markets arranged the sale of an $88-million non-performing loan secured by The Kent House, a new mixed-use building with 96 rental units and 31,000 square feet of multi-level retail in Brooklyn’s Williamsburg neighborhood.  The firm represented Prophet Capital in the disposition of the $78-million first mortgage and a $10- million mezzanine loan, acquired by Invictus Real Estate Partners. A …

Newmark Tapped for Bankruptcy Sale of New Rochelle Parcel

New York & Tri-State  + Fairfield/Westchester  + Distressed Assets | September 26, 2021

Newmark has been hired to lead the bankruptcy sale of a 19,706-square-foot prime development site at 115-117 Cedar St. in New Rochelle, NY. The property is zoned for as-of-right commercial uses and can span up to 137,942 square feet of buildable space. Managing director Ron Solarz represents ownership, retained by the owner’s bankruptcy estate.   The property’s zoning designation provides diverse future uses that will appeal to the broader group of investors and developers. Current ownership of the site has assembled a complete set of drawings for a …

Latest Phoenix & Southwest Distressed Assets Stories

Latest Seattle & Northwest Distressed Assets Stories

Latest Texas Distressed Assets Stories

Abbott Congratulates 145 New State Troopers

Texas  + State of Texas  + Distressed Assets | August 4, 2021

Gov. Greg Abbott recently delivered the keynote address to the largest graduating class in the history of the Texas Department of Public Safety. During his remarks, Abbott congratulated the graduating members of the 2021 class and thanked them for their service. “Texas is exceptional because of the people who call our state home, and it …

Latest Washington DC Distressed Assets Stories