Multifamily Financial Distress Doubles – Distressed Assets – Multifamily Executive Magazine
Posted by: admin / Category: US Economy, US Real EstateDistress is piling up in the multifamily market, but it’s still not as bad the other real estate sectors, according to the most recent Troubled Assets Radar from Real Capital Analytics (RCA), a New York-based research firm that tracks commercial real estate.
According to the report, which measures assets in default, foreclosure, or bankruptcy, to date in 2009, 588 apartment communities, totaling $8.1 billion, fell into distress. Overall, 1,133 apartment communities, totaling $17.7 billion, were in trouble across the country.
Those numbers don’t surprise Debbie Corson, a principal at Atlanta-based Apartment Realty Advisors. “We’re getting a lot of calls and doing a lot of opinions of values for lenders, special servicers, and owners who are trying to figure out where the market is and what the value of these assets are,” she says.
via Multifamily Financial Distress Doubles – Distressed Assets – Multifamily Executive Magazine.
Tags: apartment communities, apartment realty advisors, bankruptcy, capmark financial group, commercial properties, commercial real estate, distress, fannie mae, federal housing administration, fha, foreclosure, freddie mac, general growth properties, ggp, john cannon, liquidity, multifamily market, rca, real capital analytics, troubled assets radar
