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Troubled Asset Comments
As part of our Troubled Asset research, RCA applies additional comments to further define the distress when a property is marked as Potentially Troubled or Troubled.
Trouble comments fall into three categories - trouble dealing with loans on the property, the property itself or with the owner of the property.
Loan comments
- Delinquent/Default- Troubled deals known to be delinquent but not yet in court
- Foreclosure/Admin- Troubled deals known to be in the foreclosure process, not yet returned to the lender.
- Maturing Loan- Potentially troubled deal with loan maturing within 12 moths
- Maturity Default- Troubled deals with loans known to be past maturity; may be operating under extension but not yet secured long term refinancing.
Property comments
- Failed conversion redevelopment- Troubled or Potentially Troubled depending on other factors; may be selling units in bulk, construction may be incomplete, property may be vacant. Often also has Loan or Owner TA comments as well.
- Tenant Bankrupt- Only Potentially Troubled; often only one of many tenants are bankrupt and many bankrupt tenants meet obligations; Troubled if single tenant is closing store.
- Troubled Development- most likely PT unless there is a known compounding factor like a Owner or Loan TAAP issue like Fraud, Bankruptcy or Foreclosure.
Owner comments
- Fraud Alleged- a reputable news source has discussed the potential for fraud involving the owner.
- Mezz Takeover- when a secondary (mezzanine) lender takes on a project to keep from losing out to more senior lenders in a bankruptcy.
- Owner Financially Troubled- Potentially Troubled properties where we know the owner is having issues but we do not know of any specific issues with the property.
- Owner/GP Bankrupt- Troubled assets where the owner (not tenant) is in bankruptcy court.
To find out more, read: About Troubled Asset Radar/Search. If you'd like to purchase the Troubled Assets Radar report, visit our Publications Shop.
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This site and the reports herein represent the most comprehensive data set of investment activity compiled for the commercial real estate industry. While no information in this highly fragmented market is perfect or all encompassing, Real Capital Analytics (RCA) has established rigid data collection and classification methodology including sourcing requirements and procedures to ensure information is accurate and timely.
RCA has attempted to conform wherever possible to the proposed standards and definitions of the Data Consortium (sponsored by NCREIF, PREA, NAREIM) and the Appraisal Institute. Any known deviations from these standards are noted.