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Commercial and multifamily mortgages had the lowest charge-off rates in 2009 of any loan type held by banks and thrifts and outperformed their overall portfolio of loans and leases, the Mortgage Bankers Association of America said. Full Story
JCR Capital, a Denver-based commercial real estate finance company, said it recorded its first closing totaling $22 million for its JCR Capital Distressed & Opportunistic Real Estate Fund I. Full Story
Centaur LLC, owner of Hoosier Park Racing & Casino in Anderson, Ind., and the Fortune Valley Hotel & Casino in Central City, Colo., filed for Chapter 11 bankruptcy. Full Story
The rate of delinquencies on loans packaged in U.S. commercial mortgage-backed securities rose by 29 basis points in February over the previous month, as a stack of loans originated in 2005 began maturing, Fitch Ratings said. Full Story
Kohlberg Kravis Roberts & Co. named Jamie Weinstein and Nathaniel Zilkha to lead its global special situations investment group, which includes distressed debt, in the KKR Asset Management division, Bloomberg News reported. Full Story
Extended Stay's bankruptcy reorganization plan, which calls for Paulson & Co., Centerbridge Partners and the hotel chain's senior lenders to invest $450 million, could allow Extended Stay to exit Chapter 11, the Wall Street Journal reported. Full Story
The default rate on bonds issued by U.S. companies with speculative-grade credit ratings declined by 0.9 percentage points in February from the previous month, to 12.7%, Moody's Investors Service said. Full Story
The law firm of DLA Piper said it hired George B. South III, Frank Pepler, and Bennett Silverberg in its restructuring practice. Full Story
Holders of $125 million in senior secured notes from Black Gaming, owner of three hotel and casino properties in Mesquite, Nev., agreed to exchange their claims for a new $62.5 million credit facility under a prepackaged Chapter 11 reorganization plan. Full Story
The default rate on bonds issued by U.S. companies with speculative-grade credit ratings fell by 0.4 percentage points in February from the previous month, to 10.5%, Standard & Poor's said. Full Story
Busted Projects, Lawsuits Mark Concept's Rapid Rise
Late last month, Deutsche Bank agreed to partially refund deposits to nearly 500 would-be buyers of condo hotel units in the east tower of the Cosmopolitan Resort & Casino in Las Vegas. The German bank, which bought the $3.9 billion development in a foreclosure sale in September 2008, is returning about 68 cents on the dollar to the buyers to end a class action lawsuit filed early last year. Full Story
Several hedge fund managers will launch new distressed debt funds with a variety of strategies in the next few weeks, after several other distressed debt funds recently shut down and returned some big gains to investors. Full Story
Appaloosa Investment has filed a legal challenge to derail CWCapital Management's foreclosure on New York City's Peter Cooper Village/Stuyvesant Town apartment complexes and to take control the giant project's restructuring. Full Story
- Rising Vacancies, Falling Rents to Slow CRE Recovery, NAR Says
- Bank Industry's Hard Times on Course to Continue, FDIC Says
- Commercial Real Estate Suffers Worst Capital Return, IPD Says
- U.S. Speculative-Grade Default Rate Fell in February, S&P Says
- Regent Communications Files Prepackaged Bankruptcy Giving Control to Oaktree
- Homebuilder Seeks Sale in Bankruptcy
- Plainfield Reportedly Gags Debtor in Settlement
- Yellowstone Club's Blixseth Faces Bankruptcy Trustee's Lawsuit
- Bear Island Paper Co. Files Chapter 11
- Xerium Plans Prepackaged Chapter 11
- Black Gaming Noteholders to Trade $125M in Debt for New $62.5 Facility
- Creditors Allege Fraud in CompuCredit Dividend
- Catalina Lighting Files Bankruptcy, Plans Sale
- Hirings & Firings
