Facing Financing Crisis, Fast-Growing Centro May Sell Assets
In another ominous sign of how tight commercial real estate credit has gotten in the U.S., the fifth-largest shopping center owner/manager in the United States is having trouble refinancing $2.3 billion in short-term financing.
Simon, General Growth Write Down Cash Value of Residential Holdings
The two retailers take about $100 million of impairment charges.
Lack of Exit Financing Keeping DURA Automotive in Bankruptcy
DURA Automotive Systems has elected to postpone its exit financing process in light of abnormally challenging credit market conditions.
Tight Credit Market Blocking Hotel Deals
Sonesta decides not to sell; and one buyer can't get financing to buy.
Loan Repayments Stop on Troubled Water Bottling Plant
Loan repayments have quit coming in on LeNature's nearly brand-new 530,856-square-foot water bottling plant in Phoenix.
Money To Spend
Now after all that bad news, here is news of four groups that have lined up new funds to invest in underperforming assets.
Facility Closures and Mass Layoffs
This week's listings include downsizings in California, Florida, Georgia, Missouri, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia and Washington.
This week's properties on the Watch List are in: Oakland, San Francisco and San Mateo, CA; Lansing and Shelby Township, MI; Lagrange, OH; Seaside, OR; Havertown, PA; Allen, Ennis, Houston and Lubbock, TX.
Source: CoStar Group