from Reuters (11/18):
UPDATE 2-Big CMBS loans seen near default, index yields soar
Tue Nov 18, 2008 4:08pm EST
(Recasts lead, adds analyst comment)
By Al Yoon
"NEW YORK, Nov 18 (Reuters) - Two of the largest loans in recent commercial mortgage bonds, including one for two Westin hotels, appear near default, underscoring the stress that has upended the $700 billion market and sending yields soaring.
A $209 million loan for Westin hotels in Tucson, Arizona, and Hilton Head, South Carolina, in October was transferred to a special servicer in October "due to imminent default," Credit Suisse analysts said in a research note on Tuesday." ...
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