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Related Special Reports
...Canary Wharf still has to tackle a November maturity on £564mn in loans tied to 1-5 Bank Street, an office tower home to SocGen and EBRD....
...Seven floors in the 50-storey César Pelli-designed tower are currently listed for lease....
...public bond and loan markets....
...Trump and his businesses were found liable in January for committing “blatant” fraud by vastly inflating the value of core real estate assets such as Mar-a-Lago and 40 Wall Street in loan applications....
...“So we did that loan.” Then the fixer turned reflective....
..., for defaulting on a $235mn mezzanine loan....
...All the while, the tower was starved of investment. Burton Resnick, another developer, bought it in 1989 for $77mn, and — with a $50mn loan from Citicorp — began renovations. But it was a disaster....
...Last year, it secured planning permission for a 23-storey commercial health and life-sciences tower on its North Quay site....
...As Trump has pleaded for an extension, James has hinted at seizing his assets, specifically mentioning 40 Wall Street, a tower that Trump has called a crown jewel of his real estate empire....
...Lender Silverstein Capital Partners initiated foreclosure procedures against Stern’s company, JDS Development Group, for defaulting on a $235mn mezzanine loan. What next for the polarising tower?...
...- including for the Willis Tower - can be extended with no performance test....
...Those towers rebounded quickly after the crisis passed, and then soared in value....
...New York City’s only super-tall tower outside Manhattan, Michael Stern’s Brooklyn Tower at 9 DeKalb Street, is shrouded in gloom and uncertainty....
...One of the Trump Organization’s top properties, for example, is the office tower at 40 Wall Street. Trump also owns a minority share of another Manhattan office tower, 1290 Avenue of the Americas....
...And as banks reap record profits from credit card lending, delinquencies on credit card loans have hit their highest level in almost 13 years, says Moody’s Analytics....
...“So many were in cash before because they needed to win the bidding wars and you couldn’t win with the loan contingency,” Sykes said. “So they would buy in cash and then get the loan afterwards.”...
...We at Alphaville Towers are suckers for investment firms talk about good vintages....
...What forces reality on the market is when loans come due, or covenants on loans are breached. Owners will try to discreetly cut deals with their lenders or privately sell some assets to raise cash....
...Southwark has developed a scheme of loans and grants to provide incentives for private owners to rent out empty properties, but the programme remains small....
...very worst outcome in the civil fraud case, the “corporate death penalty” of an order for his existing businesses to be dissolved, which could have forced a fire sale of prized assets such as the Trump Tower...
...Carvana, whose business historically relied heavily on originating and then selling on car loans, has also benefited from a strong US consumer and stabilising interest rates....
...The highest quality, newest towers in cities such as London and New York remain in strong demand, but a lot of older, lower-grade office buildings are becoming obsolete....
...impact of the decision was not immediately clear, leading an attorney for Trump, Christopher Kise, to ask for a clarification during a court hearing on Wednesday on whether assets such as the flagship Trump Tower...
...provisions in existing loans that would cancel them, Bachner noted....
...Among many unforeseen complications was that Related’s loans had been syndicated....
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