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Fifty-seven percent of the 1,302 high-loss CMBS loans analyzed by Kroll Bond Rating Agency were originated between 2005 and 2007

KBRA Sees Clear Patterns in High-Loss CMBS Loans

National + Distressed Assets | January 19, 2022

CMBS Delinquencies Increase for First Time Since Mid-2020

National + Distressed Assets | January 9, 2022

Owner of 245 Park in NYC, 181 W. Madison in Chicago Files for Chapter 11

New York & Tri-State + Midtown New York + Distressed Assets | November 1, 2021

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Hilton Chicago Magnificent Mile Suites distressed real estate

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 …

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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

Fifty-seven percent of the 1,302 high-loss CMBS loans analyzed by Kroll Bond Rating Agency were originated between 2005 and 2007

KBRA Sees Clear Patterns in High-Loss CMBS Loans

National + Distressed Assets | January 19, 2022

Among CMBS loans that have suffered high loss severities—i.e. losses greater than 80%—there are recurring themes, says Kroll Bond Rating Agency (KBRA). Vintage is one such theme: 57% of the 1,302 high-loss loans analyzed by KBRA were originated between 2005 and 2007, “reflecting the cohorts’ relatively weaker underwriting standards.” In addition, loans that were resolved during and in the aftermath …

CMBS Delinquencies Increase for First Time Since Mid-2020

National + Distressed Assets | January 9, 2022

Two contradictory views of CMBS performance during December 2021 came from Trepp and Fitch Ratings late last week. Trepp said the 60-day delinquency rate increased for the first time in 17 months, while Fitch-rated CMBS saw a nine-basis-point decline in delinquencies to 2.67%. However, both Fitch and Trepp reported increases in 30-day delinquencies for the month. Trepp attributed December’s 19-bp increase mainly to several large office delinquencies. …

Latest New York & Tri-State Distressed Assets Stories

76 Eleventh Avenue XI Chelsea

Witkoff, Blavatnik Acquire Note on Massive Chelsea Condo Project

New York & Tri-State + Downtown New York + Distressed Assets | January 1, 2022

Steven Witkoff and Len Blavatnik’s Access Industries have purchased the $900-million defaulted note for the “Twists” tower project in Chelsea from the Children’s Investment Fund. The 900,000-square-foot project, located at 76 Eleventh Ave. is known as XI. The New York Post reported that Witkoff and Blavatnik acquired the note on the bankrupt, $2-billion residential condominium project at a public debt auction. Work on XI stopped more than two years …

Owner of 245 Park in NYC, 181 W. Madison in Chicago Files for Chapter 11

New York & Tri-State + Midtown New York + Distressed Assets | November 1, 2021

PWM Property Management, an HNA Group venture that owns 245 Park Ave. in Midtown Manhattan and 181 W. Madison St. in Chicago, said Monday it had filed for voluntary Chapter 11 protection at U.S. Bankruptcy Court in Delaware. As part of its restructuring, PWM will seek to transition management of 245 Park to MB Real Estate (MBRE), which manages the Chicago property. PWM said it …

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247 Dickson San Antonio

California REIT Finds Value in Highly Distressed Asset

Texas + San Antonio + Distressed Assets | November 24, 2021

Mission Villas in San Antonio apartments recently sold to a California REIT. The price was undisclosed. The Multifamily Group’s (TMG) Paul Yazbeck represented the seller and Chris Siemasko procured the buyer for its first San Antonio purchase. TMG was the second brokerage firm to work this highly distressed property listing. “We knew the circumstances of …

Texas State Troopers

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 …

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