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The Promenade Shops at Dos Lagos loan may be in default reports Credit Suisse!!!
Corona, CA: Two of the largest loans in recent commercial mortgage-backed securities, including one financing two Westin hotels, are close to default, according to Credit Suisse analysts.
A $209 million loan for Westin hotels in Tucson, Arizona, and Hilton Head, South Carolina, in October was transferred to a special servicer in October "due to imminent default," the analysts said in a research note on Tuesday.
The loan, originated by JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) in December 2007, is split between two JPMorgan CMBS issues, representing 8.9 percent of each deal, Credit Suisse said.
A JPMorgan spokesman declined immediate comment.
Westin is owned by Starwood Hotels & Resorts Worldwide Inc (HOT.N: Quote, Profile, Research, Stock Buzz).
A $125.2 million commercial mortgage for the Promenade Shops at Dos Lagos -- a retail center located in California's foreclosure-ridden Riverside-San Bernardino-Ontario metropolitan area -- this month was also transferred to a special servicer, which focuses on troubled loans, according to Credit Suisse.
The Promenade loan is 10.8 percent of one of the JPMorgan CMBS containing part of the Westin loan.
Commercial real estate securities have been shattered this year amid expectations weak underwriting standards of recent years and slowing economic growth will increase defaults from historically low rates. Many loans were made on expectations that cash flows from office rents, retail stores and hotels would continue to rise.
Tight credit conditions have also eliminated refinancing opportunities.
The percentage of commercial real estate loans sent to special servicers has jumped to nearly 1 percent of deals by mid-2008 from less than 0.5 percent a year earlier, according to JPMorgan data. The data suggest more defaults, and possibly interest shortfalls for investors as fees to special servicers mount, JPMorgan said in a slide presentation this week.
A $209 million loan for Westin hotels in Tucson, Arizona, and Hilton Head, South Carolina, in October was transferred to a special servicer in October "due to imminent default," the analysts said in a research note on Tuesday.
The loan, originated by JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) in December 2007, is split between two JPMorgan CMBS issues, representing 8.9 percent of each deal, Credit Suisse said.
A JPMorgan spokesman declined immediate comment.
Westin is owned by Starwood Hotels & Resorts Worldwide Inc (HOT.N: Quote, Profile, Research, Stock Buzz).
A $125.2 million commercial mortgage for the Promenade Shops at Dos Lagos -- a retail center located in California's foreclosure-ridden Riverside-San Bernardino-Ontario metropolitan area -- this month was also transferred to a special servicer, which focuses on troubled loans, according to Credit Suisse.
The Promenade loan is 10.8 percent of one of the JPMorgan CMBS containing part of the Westin loan.
Commercial real estate securities have been shattered this year amid expectations weak underwriting standards of recent years and slowing economic growth will increase defaults from historically low rates. Many loans were made on expectations that cash flows from office rents, retail stores and hotels would continue to rise.
Tight credit conditions have also eliminated refinancing opportunities.
The percentage of commercial real estate loans sent to special servicers has jumped to nearly 1 percent of deals by mid-2008 from less than 0.5 percent a year earlier, according to JPMorgan data. The data suggest more defaults, and possibly interest shortfalls for investors as fees to special servicers mount, JPMorgan said in a slide presentation this week.
The Promenade Shops at Dos Lagos tree lighting...The reviews are in and they are not good!
Editors Note: This is a shared story from a Blogger!
It seems that Christmas is coming early this year, as it seems it arrives earlier than it did the year before. Soon enough, we’ll only have to cook one turkey on Thanksgiving and there’ll be leftovers for Christmas. We went down to Dos Lagos last night and witnessed the longest, most drawn-out tree lighting ceremony ever…and all they did was flip a switch, but we had to wait for the emcee, Santa himself, to give his approval. Apparently he was stuck on the freeway, and when they announced that, I wondered how many kids looked up at their parents, and through innocent eyes, asked, “Why doesn’t he just fly here with his reindeer?” And since it was only 80 degrees out, which puts only a few people in the mood for Christmas, I’m surprised Santa didn’t collapse from heat stroke in his giant suit… and it explains why he was walking so slowly.
But then after they flipped the switch on the giant tree and all the twinkley lights made the crowd go “ahhhh,” he was taking Christmas wishes from kids in front of Victoria’s Secret, which would be the first place I would have thought to mix Santa and children on a warm Friday night.
All of the stores are decked out with that one sections that smacks Old Saint Nick right in your face without actually saying Christmas; it’s all “Happy Holidays,” a well-dissolved blanket greeting that will certainly not upset anyone who celebrates one of the non-holidays this time of year. Do you know anyone who doesn’t celebrate Christmas? And if you do, are they frequently offended by seeing the word Christmas? Odds are good they aren’t. Anyways, as my frustration with PCC (Politically Correct Consumerism) rises as we get closer to Christmas, I’m sure I’ll have more to add on this topic.
It seems that Christmas is coming early this year, as it seems it arrives earlier than it did the year before. Soon enough, we’ll only have to cook one turkey on Thanksgiving and there’ll be leftovers for Christmas. We went down to Dos Lagos last night and witnessed the longest, most drawn-out tree lighting ceremony ever…and all they did was flip a switch, but we had to wait for the emcee, Santa himself, to give his approval. Apparently he was stuck on the freeway, and when they announced that, I wondered how many kids looked up at their parents, and through innocent eyes, asked, “Why doesn’t he just fly here with his reindeer?” And since it was only 80 degrees out, which puts only a few people in the mood for Christmas, I’m surprised Santa didn’t collapse from heat stroke in his giant suit… and it explains why he was walking so slowly.But then after they flipped the switch on the giant tree and all the twinkley lights made the crowd go “ahhhh,” he was taking Christmas wishes from kids in front of Victoria’s Secret, which would be the first place I would have thought to mix Santa and children on a warm Friday night.
All of the stores are decked out with that one sections that smacks Old Saint Nick right in your face without actually saying Christmas; it’s all “Happy Holidays,” a well-dissolved blanket greeting that will certainly not upset anyone who celebrates one of the non-holidays this time of year. Do you know anyone who doesn’t celebrate Christmas? And if you do, are they frequently offended by seeing the word Christmas? Odds are good they aren’t. Anyways, as my frustration with PCC (Politically Correct Consumerism) rises as we get closer to Christmas, I’m sure I’ll have more to add on this topic.
Corona/Yorba Linda, CA Green River Fire...Picture from Corona High School.
Corona/Yorba Linda, CA Green River Fire...Picture from Corona High School.
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