The W Hotel Union Square is facing imminent default, according to a recent monthly report of 30-day-plus delinquencies for all commercial properties by Barclays Capital. The hotel is serving as collateral for a $115 million W New York-Union Square loan, the report shows. The loan has been transferred to a special servicer, being classified for imminent default. Barclays Capital's report shows that 30-day-plus delinquencies for all commercial properties jumped 5.5 percent in October. The CMBS remittance report shows that the worst performing commercial mortgage category was hotels, which hit a record-high delinquency rate of 10.7 percent among loans that originated in 2007.
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Comments
Anonymous
Just the beginning.
Comment #1 Posted By: Anonymous 11/05/09
Anonymous
This is what the FEDS have been trying to cover up. Total system failure is upon us. Prepare for the Apocalypse!!!!
Comment #2 Posted By: Anonymous 11/05/09
Anonymous
We are in the Apocalypse.... Prepare for dooms day.
Comment #3 Posted By: Anonymous 11/05/09
Anonymous
How to buy out this kind of deals?
Comment #4 Posted By: Anonymous 11/06/09