Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Error
  • JUser: :_load: Unable to load user with ID: 65
Wednesday, 15 September 2010

Judge Puts Foreclosure Sale of Chicago Office on Hold

Written by 
Rate this item
(0 votes)

Crain's Chicago Business

A New York State appellate court judge has temporarily put on hold a foreclosure auction to sell 500 W. Monroe St. in Chicago.

Last month, Piedmont Office Realty Trust Inc., a holder of mezzanine debt on the property, said it would put the 973,000-square-foot office building up for sale at a foreclosure auction, which was scheduled for yesterday, after Broadway Partners of New York could not extend or pay off the property's senior debt. The 550 W. Monroe building backs $140 million of debt that is securitized through Morgan Stanley Capital I Trust, 2007-XLF9, and $196 million of subordinate debt.

The value of the building has fallen significantly since Broadway bought it in 2007 for $335 million. According to one estimate, 500 W. Monroe is worth about $240 million - substantially less than is owed. Broadway had in late August filed suit against Piedmont, as well Transwestern Investment Co. of Chicago, to stop the auction, but a New York trial judge last week denied the motion. So Broadway appealed the decision.

The case will now be reviewed by a panel of five judges that will determine whether or not to allow the foreclosure auction to proceed.



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Chicago
  • States: Illinois
  • Sector: Office
  • Subject: Bankruptcy/Foreclosure (BKRPT), Midwest Regional Digest (MWDIG), Property Offerings - Unsold (PRUNS)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 417 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage