The Credit Crunch is here and it is crushing volume!!
U.S. commercial property values are sliding, and they are going to slide more this year and in 2024, as loans come due that cannot easily be refinanced. In one way or another, properties will eventually change hands at lower valuations, and not only office assets will be affected. https://www.bisnow.com/national/news/office/wall-of-office-maturities-comes-with-major-refinancing-woes-moodys-119034?utm_source=outbound_pub_6&utm_campaign=outbound_issue_67537&utm_content=outbound_link_2&utm_medium=email
There is way more trouble coming our way as loans mature!
‘The Most Chaos’: More Downward Pressure On Values As Short-Term Loans Come Due https://www.bisnow.com/national/news/capital-markets/the-most-chaos-more-downward-pressure-on-values-as-short-term-loans-come-due-119316
Owner defaults on loan for two downtown San Francisco hotels
Park Hotels & Resorts — which owns the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco — announced Tuesday that the company will default on its $725 million nonrecourse, commercial mortgage-backed security loan, which is scheduled to mature in November.
Loans on 3,000 rooms in DT SF in default, future unkwkown
Owner defaults on loan for two downtown San Francisco hotels
