Subject: Bankruptcy/Foreclosure (BKRPT)
Erickson Retirement Files Bankruptcy
Seniors-housing property developer/operator Erickson Retirement Communities has filed for Chapter 11 bankruptcy protection and agreed to sell itself to Redwood Capital Investments.The Catonsville, Md., operator of 19 continuing-care facilities in 10 states lists $1 billion of assets, $1 billion of ...
Report Has Capmark Filing for Bankruptcy Soon
Capmark Financial Group could file for bankruptcy by the end of next week, according to a report by Reuters.The report, which cited an unnamed source familiar with the company's situation, said the company was in talks with its lenders and ...
Miami Fountainebleau Hotel Loan at Risk of Foreclosure
Lenders could foreclose on $670 million of debt on the Fountainebleau hotel in Miami because its owner has failed to maintain adequate loan reserves, the Wall Street Journal has reported.The lenders, led by Bank of America, are negotiating with the ...
Credit Suisse Seeks to Foreclose on North Miami’s Biscayne Landing
SouthFlorida Business JournalWellsFargo, trustee for Credit Suisse, has filed to foreclose on a piece of the $196.3million of debt on Biscayne Landing, a proposed mixed-use complex in NorthMiami.Thecomplex, on a former landfill, was to have some 6,000residential units next to ...
Servicer Foreclosing on Loan Against 2 Bronx, N.Y., Apartment Buildings
Commercial Real Estate Direct Staff ReportCapmark Finance is foreclosing on a $36.5 million loan on two apartment properties with a combined 490 units in the Bronx, N.Y.The loan, which is securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2007-CIBC19, backs ...
Chicago, Los Angeles Hotels Thrown Into Bankruptcy
Commercial Real Estate Direct Staff ReportThe InterContinental Chicago O'Hare and Radisson Hotel at Los Angeles Airport have been thrown into bankruptcy.The two properties, owned by affiliates of Chicago's Harp Group, are encumbered by a total of $275 million of debt ...
GGP Given 6 Months to Propose Reorganization Plan
General Growth Properties has been granted a six-month extension to propose its own reorganization plan. And in requesting the extension, attorneys representing the Chicago REIT raised the issue of substantive consolidation of the special-purpose entities, or SPEs, that own the ...
Hine, Sterling Giving 333 Bush St. in San Francisco to Lenders
San Francisco Business TimesA venture of Hines and Sterling American Property is turning over 333 Bush St. in San Francisco, to Brookfield Real Estate Finance and Munich Hypo Bank, which hold a loan on the propertyHines and Sterling missed a ...
Loan on Miami Mixed-Use Property in Foreclosure
Commercial Real EstateDirect Staff ReportThe $160.3 million of securitized financing against BiscayneLanding, a 188-acre mixed-use project in Miami, Fla., is in foreclosure.The debt was securitized through Credit Suisse First BostonMortgage Securities Corp, 2007-TFL2.The property's owner, Boca Developers of Deerfield Beach,Fla., ...
Citigroup Faces Likely Long Hold of Hotel Taken in Foreclosure
Commercial Real Estate Direct Staff ReportCitigroup foreclosed on a mezzanine loan against the St. Regis Monarch Beach hotel and resort in Dana Point, Calif., and might have to wait five years or more before the 400-room property improves in value ...
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