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

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,"

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: ABC7Chicago - 🏆 284. / 63 Read more »

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.
Source: CNBC - 🏆 12. / 72 Read more »