Barry Sternlicht's company just defaulted on $200M office tower mortgage

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Billionaire Barry Sternlicht's firm just defaulted on a $200 million office mortgage amid mounting commercial-property stress

His company, Starwood Capital Group, just defaulted on a $212.5 million loan tied to an Atlanta office tower that was due for payment on July 9,"Borrower confirmed they are unable to payoff the loan at maturity," a Computershare filing said, adding that lenders are in negotiation talks. Sternlicht's struggles reflect the turmoil in the commercial real-estate industry thanks to high interest rates, tighter lending standards, and work-from-home trends.

Investors have become increasingly concerned the commercial property sector could slide into crisis, with household names including Elon Musk already predicting the sector is in"meltdown." Meanwhile, McKinsey Global Institute recently warned that global office buildings could experience anSternlicht himself, has been vocal about rising interest rates and the effect the trend will have on the US economy. He's previously blasted the Federal Reserve for aggressively hiking rates, saying it's not sustainable and is"clearly suicide,"

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 729. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

3-year-old bribery case against ComEd dropped; company to pay $200M fineThe company had been accused of trying to influence former Illinois House Speaker Mike Madigan by providing financial benefits and even jobs to those close to him.
La source: ABC7Chicago - 🏆 284. / 63 Lire la suite »

Barry's CEO went from joining the gym to running the business in 11 years: I 'never expect to know what's next'Joey Gonzalez's journey to CEO started when he signed up for a Barry's Bootcamp class, which ignited a passion and set him on a path to successful leadership.
La source: CNBC - 🏆 12. / 72 Lire la suite »