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	<title>Eastern Net Lease Advisors</title>
	<link>http://www.eastern1031.net</link>
	<description>Commercial Real Estate, NNN Investments, 1031 Exchanges, and Distressed Debt/REO&#039;s</description>
	<lastBuildDate>Mon, 02 Aug 2010 17:50:55 +0000</lastBuildDate>
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		<title>CMBS Loan Defaults Hit 9.5%</title>
		<description><![CDATA[GlobeStreet-NEW YORK CITY-With a 133-basis point rise in the cumulative default rate for CMBS during the second quarter, predictions of an 11% to 12% rate of securitized loans in arrears come closer to reality. Fitch Ratings says 9.48% of the fixed-rate conduit CMBS loans in its universe were in default at the end of Q2, [...]]]></description>
		<link>http://www.eastern1031.net/?p=94</link>
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		<title>For Farallon, a $1.5 Billion Workout</title>
		<description><![CDATA[By ANTON TROIANOVSKI And JENNY STRASBURG &#8211; WSJ
Hedge-fund giant Farallon Capital Management LLC is restructuring more than $1.5 billion in debt stemming from a big bet on trailer parks, one of the largest attempted workouts involving commercial-property loans sliced and sold to investors in the boom years.
The $1.5 billion securitized loan backing Farallon&#8217;s 2007 purchase [...]]]></description>
		<link>http://www.eastern1031.net/?p=91</link>
			</item>
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		<title>Distressed CMBS Loans Now Returning Less Than Half Their Note Value</title>
		<description><![CDATA[Declining Property Values Indicate Loss Severities Will Go Higher
By Mark Heschmeyer
June 9, 2010








The amount of losses on distressed CMBS loans resolved in the past year has jumped 33% to where noteholders are now recovering approximately 43 cents on the dollar. And, say analysts, the losses are expected to continue to mount this year.
 
Read Full Story
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		<link>http://www.eastern1031.net/?p=89</link>
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		<title>Vornado vs. Cerberus: LNR, Round 2</title>
		<description><![CDATA[Cerberus Capital Management LP has found a way to possibly salvage its investment in real-estate company LNR Property Corp. But it will have to share ownership with an old adversary.
Vornado Realty Trust, which lost to Cerberus in a bidding battle for LNR in 2004, is poised to get a stake in LNR along with other [...]]]></description>
		<link>http://www.eastern1031.net/?p=86</link>
			</item>
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		<title>For CMBS, &#8216;Worst Is Yet to Come&#8217;</title>
		<description><![CDATA[By LINGLING WEI-WSJ
In 2007, at the height of the commercial real-estate boom, Credit Suisse Group packaged 250 mortgages into bonds and sold them to investors in a $3.3 billion issue of commercial-mo rtgage-backed securities.
That CMBS issue has now achieved a dubious distinction: The deal is expected to see a 15% loss, the highest potential loss [...]]]></description>
		<link>http://www.eastern1031.net/?p=84</link>
			</item>
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		<title>CMBS Special Servicers Get Creative as Volume Increases</title>
		<description><![CDATA[  Murray, Michael
Commercial mortgage-backed securities special servicers
Nearly 5,000 loans in special servicing rapidly increased workload and staff.
&#8220;Special servicers are now engaging in bulk note sales, modifications into A/B notes and forbearance,&#8221; said Stephanie Petosa, managing director at Fitch. &#8220;However, the majority of the loan workouts remain within the more traditional realm of extensions, modifications and [...]]]></description>
		<link>http://www.eastern1031.net/?p=81</link>
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		<title>Distressed Retail Mortgages Present CMBS Special Servicers with Unique Challenges</title>
		<description><![CDATA[May 11, 2010 10:21 AM, By Elaine Misonzhnik, Retail Traffic Associate Editor
Up until recently, lenders and special servicers have done little to deal with the mounting volume of distressed mortgages in CMBS pools because it is so difficult to get all interested parties on the same page. But now the sheer volume of distress is [...]]]></description>
		<link>http://www.eastern1031.net/?p=78</link>
			</item>
	<item>
		<title>Distressed Retail Mortgages Present CMBS Special Servicers with Unique Challenges</title>
		<description><![CDATA[May 11, 2010 10:21 AM, By Elaine Misonzhnik, Retail Traffic Associate Editor
Up until recently, lenders and special servicers have done little to deal with the mounting volume of distressed mortgages in CMBS pools because it is so difficult to get all interested parties on the same page. But now the sheer volume of distress is [...]]]></description>
		<link>http://www.eastern1031.net/?p=75</link>
			</item>
	<item>
		<title>Cannery Loan Is in Default</title>
		<description><![CDATA[WSJ &#8211; Vornado Realty Trust, one of the largest commercial real-estate owners in the country, defaulted on a roughly $18 million mortgage loan on one of San Francisco&#8217;s historic landmarks, The Cannery at Del Monte Square, according to a person familiar with the matter.
The New Jersey-based company led a group that in 2007 paid $33.5 [...]]]></description>
		<link>http://www.eastern1031.net/?p=72</link>
			</item>
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		<title>Underlying Concerns in CMBS</title>
		<description><![CDATA[WSJ-By LINGLING WEI
Defaults on commercial mortgages bundled into securities are climbing to records, threatening bondholders with steeper losses and putting pressure on property owners and lenders to restructure their loans.
According to Fitch Ratings, more than 11% of some $536 billion of loans packaged into commercial-mortgage-backed securities are expected to be at least 60 days past [...]]]></description>
		<link>http://www.eastern1031.net/?p=69</link>
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