It’s (Atlanta) now squarely in the bust category with the highest rate of late payments for loans on offices bundled into bonds among the largest U.S. metropolitan areas, at 25.3 percent, according to data compiled by Bloomberg. That’s increased from 10.4 percent a year ago and is more than triple the 7 percent national rate. The rate for payments 60 days late or more was higher than Cleveland at 23.4 percent and Phoenix at 23.3 percent, the data show.The property was purchased in 2006 for $436 million, the $363 million loan matured in December, and the property was appraised last March at $202 million.
Monday, February 06, 2012
Here is a good article from Bloomberg on the foreclosure of the Bank of America Tower in Atlanta. It is the tallest building in the South, and while completely trivial, the tallest building to face foreclosure since the credit market collapsed in 2008. The article is full of good facts, not only about Atlanta, but also about CMBS. I didn't know the information in this paragraph: