Gowanus Lounge: Serving Brooklyn

Bklink: Up Next, Developer Bailouts!!!

December 23rd, 2008 · No Comments

link-asterisk.jpg“With a record amount of commercial real-estate debt coming due, some of the country’s biggest property developers have become the latest to go hat-in-hand to the government for assistance. They’re warning policymakers that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years — with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off….”–WSJ

Tags: Bklink · Developers