Monument defaults on $69.8M Watergate loan
Washington Business Journal reports: Monument Realty has defaulted on a $69.8 million loan on the Watergate Hotel, according to Real Capital Analytics, a New York commercial real estate tracking firm.
The June 3 default is at least the third by the D.C.-based developer with deep ties to the troubled Lehman Bros. Monument declined to comment.
The Watergate lender, PB Capital, has been facing its own challenges during the recent real estate crash. In December, PB Capital moved to foreclose on D.C.’s Dumont Condominium but declined at the time to comment on plans to foreclose on other nonperforming assets in the area, such as the Watergate. Real said it is now indicated that PB has started foreclosure proceedings on the Watergate.
View the full article on Washington Business Journal: Monument defaults on $69.8M Watergate loan
Posted by: Nina Turner