R&D, Office Vacancies In Silicon Valley Climb In Q3
Silicon Valley/San Jose Business Journal reports: Lenders recovered almost 60 percent of the loan value for properties that were foreclosed in 2009, according to an analysis by Real Capital Analytics.
In a report released Oct. 15, the New York firm said lenders recovered $1.9 billion on 145 defaulted commercial mortgages totaling $3.2 billion.
Indicating more is to come, Dan Fasulo, managing director for Real Capital, said in an e-mail, “For the entire U.S. we have only been able to track 145 recovery rates — that’s how little of the distress has been cleaned up until now.”
The best recovery rates occurred in the West and Northwest, where rates for acquisition and refinancing loans were 76 percent and 78 percent respectively. The Los Angeles metro area tops the list of Real Capital’s 11 regions with a 70-plus percent recovery rate. Detroit and Tampa are at the bottom with a recovery rate of 45 percent.
The San Francisco metro area, which includes Silicon Valley, is third with a recovery rate of close to 70 percent.
View the full article on Silicon Valley/San Jose Business Journal: R&D, Office Vacancies In Silicon Valley Climb In Q3
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Posted by: Mark Alferman