South Korean lenders poured billions of dollars into US commercial real-estate acquisitions in recent years, including hotel properties that have been battered in recent months by the pandemic.
Seoul-based investment firm Meritz Financial Group holds a $61 million mezzanine loan against the hotel properties. That debt, which, may be worth a fraction of its face value, or could be wiped out entirely, as the value of lodging properties has tumbled during the coronavirus pandemic. During periods of market dislocation, however, mezzanine loans have a greater chance of default. That higher risk profile has put several major South Korean firms, particularly those who extended mezzanine loans against hospitality assets, in danger of steep losses amid the current downturn.
Cowan said he believed that most mezzanine lenders could weather a few more months of diminished hotel performance, but could see mass defaults if the viris crisis wears on beyond that. South Korean companies crowded into the mezzanine lending market in recent years as part of a larger pattern of growing investment by the country in US real-estate assets. Investors from South Korea poured nearly $1.
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