The Federal Reserve's most recent "beige book" survey released last week found that commercial real estate conditions continue to deteriorate over the last six weeks per The Wall Street Journal (subscription required). Citing a glut in new development in the Atlanta suburb of Buckhead, developer Tom Bell claims "it's going to be a rocky road for a while".
I'm pretty sure he's not talking about his preference for the ice cream flavor.
Why am I sure?
Commercial real estate loan defaults are approaching $700 billion and another $248 billion of commercial real estate loans come due in 2009. It's going to be real interesting to see how the commercial real estate loan market will deal with these challenges.
Today, I received a list of troubled commercial real estate loans from a commercial bank. I have approached a couple of distressed commercial real estate funds to determine if they have any interest in buying these loans ranging in size up to almost $10 million.
Rocky road, anyone?
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Tags : commercial real estate loans , commercial real estate , real estate bridge loans , private money loans
Tags : commercial real estate loans , commercial real estate , real estate bridge loans , private money loans
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