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.

PHOENIX-For the second time in two weeks, a bulk condo deal in foreclosure has ended up in the portfolio of a Canadian buyer. Les Hartland of Condo-Condo Holdings Inc. in Calgary, Alta., paid Corus Bank NA $4 million to acquire 37 units from the 80-unit Biltmore Palms condominiums in an off-market transaction.

The transaction for the units at 4343 N. 21st St. comes less than two weeks after another Canadian buyer, Jeff Appleton, bought the remaining 186 units out of foreclosure from the 276-unit Hawthorne on Third Avenue. In the came of Biltmore Palms, a San Diego, CA investor had bought the 10-year-old asset, known at the time as Andover Square, for $12.45 million, but was only able to sell 43 units following the conversion.

via Canadian Snags 37 Units From Foreclosure.

Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research.

California led the nation with the highest amount of delinquent loans, closely followed by Texas and Florida.

Late loans across the country are up an “astounding” 585 percent from a year ago when just $4 billion were delinquent, reported the Horsham, Pa.-based research firm. The low point for delinquency was March 2007 when $2 billion was delinquent.

via Commercial mortgage delinquency up 585% – New Mexico Business Weekly:.

A few interesting stories. The first story (more than half off from the peak price) the buyer bought the loan, and then the current owner transferred the deed in lieu of foreclosure. The second story is a photo essay of the real estate bust, and third story is about the City Center project in Las Vegas.

via Calculated Risk: CRE: Half Off Sale in San Francisco and More.