Eagle Quest Properties

As the commercial real estate market continues its downward decline, a new Fitch Ratings report indicates that large hotels lead loans of concern for U.S. CMBS with eight newly defaulted loans greater than $100 million entering special servicing, according to Fitch’s ‘What’s in Special Servicing’ U.S. CMBS report.

Recent defaults include two hotel portfolios: Red Roof Inn and Extended Stay. Since Fitch’s last update in April, $17.4 billion in Fitch-rated loans have entered special servicing, which does not include the Extended Stay Portfolio, which on its own totals more than $4 billion.

via Fitch Ratings: Large Hotels Defaulting on Loans at High Rate.

Most people from Ontario know Hamilton affectionately as ‘Steeltown’.  Other people from surrounding towns such as Ancaster, Binbrook, Glanbrook, Flamboro, Dundas and Stoney Creek use it as a four letter word.  The Province of Ontario recently decided to do away with the Regional Municipality of Hamilton-Wentworth (formerly Wentworth County), and throw everything into the City of Hamilton.

That being said, Hamilton is still a very nice city, with lots of potential.  The Province of Ontario has mandated that every city in Ontario must have 40% of all new development as in-fill.  The City of Hamilton has a lot of buildings that are very much worth rehabilitating, and it has a lot of empty parking lots that are worth replacing with a new building.  Add to that, the city is investing in its downtown core, by providing 5-1/2 year interest free loans as secondary mortgages to incentivize redevelopment and development in the downtown core.  You can definitely find some beautiful pictures of Hamilton’s skyscrapers and other architecture worthy of mention.

If you would like to take a tour of Hamilton, please be my guest.  It has many remarkable neighborhoods, and a lot of character.

Hamilton’s Neighborhoods:

• Durand – Stately Homes and Mansions…would you like more?
• Gibson/Lansdale – Working Class Neighborhood (also includes some nice panoramic skyline shots of the harbour)
• Locke St South and Kirkendale – Gentrified and Neighborhood Shopping District
• Dundas – Historic Suburb (now) of Hamilton (also includes some streetscapes)
• Westdale – Upper Middle Class Neighborhood with Large Jewish Community and Many University Students
• Corktown – a Traditionally Irish Settlement on the Edge of Downtown
• Stinson – an Old Middle Class Neighborhood on the Edge of Downtown
• Jamesville – Home to Large Portuguese and Italian Communities
• Heavy Industry – Just What it Says and Hess Village (scroll down about halfway) – Downtown Nightlife Area – Victorian Buildings Converted to Pubs, Restaurants and Clubs
• Village of Ancaster – Wealthiest Area in Hamilton, and Home to the Hamilton Golf and Country Club and The North End (scroll down about halfway) – One of Hamilton’s Oldest and Most Colourful Neighborhoods
• Bayfront Park and Cootes Paradise – the West Harbour Area (about halfway down, you can also see shots of the Hamilton Mardi Gras Carnival that is usually held in August)
• Delta – An Old Streetcar Neighborhood in Downtown

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  The First Timmy's (Tim Horton's to Non-Canadians) in Canada

• Strathcona – Large Historic Urban Neighborhood
• Hamilton Beach – Traditionally a Playground for the City’s Elite, but has Its Ups and Downs – Now an Exciting Place to Go for Summer Excursions
• St Clair – a Hidden Treasure in the Middle of the Lower City
• Commercial Street – Hamilton’s Oldest Commercial District
• Barton St – the Grittiest Street in Canada and Barton Village (about halfway down the page)
• Apartment Buildings – Some Apartment Buildings from the 50’s and 60’s (you’ll need to scroll down a little bit to get to them)
• MacMaster University – The Names Says It All – a Canadian Institution
• Hamilton’s Western Suburbs
• Ottawa St – 1920’s Commercial District
• Chedoke Park – Early 20th Century Neighborhood
• Beasley – the Poorest Neighborhood in Hamilton and One of the Poorest in Canada – Average Income is a Mere $6,226/a – Home to Drugs, Poverty, Homeless Shelters, a Large Immigrant Community, and a Growing Gay Community
• Stoney Creek – Important Battle Site of the War of 1812
• Central – One of Hamilton’s Oldest Neighborhoods
• City of Burlington (technically, not part of Hamilton) – the City Across the Bay
• Lansdale – Old Working Class Neighborhood – 7,030 People Per Square Kilometre Density