Uno Chicago Grill Files for Bankruptcy
January 20th, 2010Uno Restaurant Holdings Corp. filed for bankruptcy protection on Jan. 20, 2010.
The company said it posted a $22.2 million net loss in 2009. The company’s CFO commented, “As the national economy suffered and consumers cut discretionary spending, Uno…
Large Loans Drive CMBS, CDO Delinquencies Higher
January 20th, 2010The transfer of large balance CMBS loans to special servicing continues to increase as commercial property performance declines, according to Fitch Ratings in the latest edition of What’s in Special Servicing?.
An additional $1.2 billion of loans in…
Real Money (Jan. 21): Capital Raisings, Property Financings
January 20th, 2010PGGM Private Real Estate Fund (PGGM), an investment vehicle for Dutch pension funds, agreed to increase its investment in Behringer Harvard’s growing portfolio of multifamily communities to $300 million. This most recent commitment represents the third…
Unfinished Projects Weigh on Banks
January 20th, 2010U.S. lenders are being forced to make unpalatable choices as they try to keep afloat stalled real-estate projects like Atlanta’s Streets of Buckhead.
Capmark Investments Joins Parent in Bankruptcy
January 20th, 2010Capmark Investments LP, a subsidiary guarantor of Capmark Financial Group Inc.’s corporate debt obligation, is joining Capmark Financial and its other subsidiary guarantors in its Chapter 11 proceedings. As of Sept. 30, Capmark Investments managed nearly…
Bank Watch: CRE Loans Hurt Ratings on South Financial Group; Threaten First Midwest’s
January 20th, 2010Fitch Ratings has downgraded the ratings for The South Financial Group Inc. and its principal bank subsidiary, Carolina First Bank, including the long-term issuer default rating to ‘B-’ from ‘B+.’
Fitch’s downgrade of South Financial’s ratings follows…
London Has Shaky Property Crown
January 20th, 2010London office space has re-emerged as the world’s most expensive. But that’s just because occupancy costs per work station have stopped falling while those in other cities are still in decline, according to a report.
Shanghai Industrial to Triple Land Bank
January 20th, 2010The Shanghai government’s investment arm will more than triple its land bank by buying a 45% stake in a distressed property company for $354.2 million.
A Bottom in Commercial Property?
January 20th, 2010Bulls see pickup in investment activity and shored-up REITs. Bears see some metrics still in decline.
Home Builders See Recovery
January 20th, 2010Housing construction is expected to rebound this year from the severely depressed 2009 level, but the market remains fragile as foreclosures continue to rise.
