Eagle Quest Properties

Distress is piling up in the multifamily market, but it’s still not as bad as the other real estate sectors, according to the Trouble Assets Radar from New York-based Real Capital Analytics (RCA).
According to the report, 588 apartment communities totalling $8.1B fell into distress (defined as default, foreclosure or bankruptcy) in June.
Apartment Finance Today AFT – September/October 2009 [8 - 9].

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:.