Standard & Poor’s had downgraded 15 classes of bonds backed by a $425 million loan secured against the Four Seasons Hotel in New York and 3 other luxury resort hotels. The action was triggered by a drop in cash flow which was 46% below S&P expectations. Surely, the expected cash flow figure had already been [...]
Zero Hedge has a post up on Goldman Sachs’ outlook for CRE REITs. Long story short – Goldman is not positive. Zero Hedge refers to REITs as “arguably the most overbought (by a metric mile) sector” in the stock market and cites a few key points from the Goldman forecast:
Cautious coverage view: we expect relative [...]
Just saw this post on Zero Hedge about a downgrade of a recent Re-REMIC issue by Standard & Poor’s. re-REMIC’s are repackaged mortgage-backed securities of a supposedly more secure pedigree as they were to have been constructed of securities identified to be of better quality and thus less likely to default. Now, just 4 months [...]
Zero Hedge has a great post up about the offering of a $32.3 million interest in a $61.2 million senior mortgage loan secured by a 3-story mixed-use retail center at 8000 Sunset Boulevard. It appears the loan is held by Glodman Sachs and the property ownership entity is 8000 Sunset Boulevard Owner, LLC (owned by [...]
