By the close of 2010, the country may be looking at more than $60 billion in distressed loans that are tied up in commercial mortgage-backed securities, according to a new Credit Suisse Group report released yesterday. Troubled loans are increasing by $2.7 billion a month, as of the fourth quarter of 2009, up from $1.4 billion a month during the first quarter, and the buildup could prevent a larger economic recovery. About 5 percent of loans are at least two months overdue, a more than 10-fold increase over the end of 2008 and an overwhelming caseload for special servicers. Discounting the loans that are not yet in distress, it would take such companies five and a half years to resolve the $28.8 billion in delinquent loans. “The transfer of distressed loans into the hands of stronger operators to create value at the property level where in turn they contribute to local economies is a vital step in any recovery,” according to the report. [Reuters]

15 Central Park West and Ravi Singh, a Credit Suisse Group executive

The seventh-floor apartment at 15 Central Park West owned by Credit Suisse executive Ravi Singh sold for $25 million, or $2.5 million above its most recent asking price.
Singh, a managing director at Credit Suisse Group, sold it to a buyer identified as CPW Park Views on Dec. 15 after going into contract in November, property records posted today show.
The sale price comes to $5,478 per square foot. Broker Nancy Candib of Brown Harris Stevens declined to comment on the sale. While Singh did not obtain the high price he first sought in September 2008, when he listed the 4,563-square-foot unit for $32 million, the unidentified condominium unit buyer paid more than the most recent listing price of $22.5 million.
Singh bought the four-bedroom unit in March 2008 for $15.87 million. TRD [more]