New York Times (08/22/08); Story, Louise
The stability of commercial real estate loans is garnering more questions following a warning last week by a New York developer that he might not be able to make his next mortgage payment for a large apartment building in New York City. Wall Street banks are now trying to unload risky bridge equity and floating-rate loans that were often made to hotels, office developers and retail strips. The holders of about $100 billion of commercial mortgage-backed securities fear that problems in the commercial property market could lead to more write-downs. "The fear is the next shoe to drop may be commercial real estate," says Jeffrey Harte, a banking analyst at Sandler O'Neil.
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