Lehman Creditors Lose as Real Estate Offered in Falling Market
Bloomberg reports: When Morgan Stanley in New York bought seven San Francisco office towers from Blackstone Group Inc. in April 2007 for $2.4 billion, Lehman provided debt financing of about 75 percent of the purchase price.
The San Francisco buildings have probably lost 15 percent of their value from the time they were purchased in April 2007, said Dan Fasulo, managing director of Real Capital Analytics Inc., a New York-based real estate data firm. ``So few mega-deals this size have traded lately,'' Fasulo said.
View the full article on Bloomberg: Lehman Creditors Lose as Real Estate Offered in Falling Market
Posted by: Nina Turner