🔥 Foreclosure Frenzy As Blackstone Bail on Multifamily
Blackstone's Bold Moves in a Shifting Market
In the world of commercial property, there's a growing sense of unease that's hard to miss.
Q4 numbers show that more and more properties are struggling to pay back their loans.
This shift became even more apparent with Brookfield Properties' recent move in San Francisco.
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In a bold and somewhat startling decision, they foreclosed on 76 apartment buildings, raking in a cool $463.5 million.
Brookfield's exit from the landlord game with this sale is a sign that the landscape is transforming, perhaps faster than anyone anticipated.
As we look at the broader picture, the commercial real estate market in 2024 is struggling like never before.
It's like watching a ship slowly sink, with properties nationwide succumbing to financial pressures.
California's drowning under a massive $21 billion in loan distress, while Texas-based GVA faces a daunting $600 million in foreclosures.
Even foreclosure auctions are turning into duds, leaving lenders stuck with properties they can't offload.
In this edition of the AltReports:
😮 Finance Fumbles
🏠 Property Punt
📉 Plummeting Properties
🎈 Bidder Bust
📊 Market Migraine
Video of the Week: Homeowners Need CASH, Big Shake-up in Housing Market Just Started
Chart of the Week: Is trouble brewing in the multi-family space, or is it limited to Texas?
Podcast of the Week: 1031 exchanges and why you could be leaving dollars on the table if you aren’t taking advantage of them
Commercial Property Delinquencies Jumped in Q4
Those bigwig bosses at commercial properties are suddenly getting squirmy in their swivel chairs.
Why? Because they've been slacking on their loan payments, and it's blowing up like a cheap balloon at a kid's birthday party.
Q4 numbers are rolling in and they are showing delinquencies are on a sharp rise.
Brookfield Forecloses On 76 Apartment Buildings in SF for $463.5M
Brookfield Properties just played financial hot potato with 76 apartment buildings in San Francisco.
They cashed out $463.5 mil for properties where, I imagine, some tech bros’ smart fridges are still learning their hummus preferences.
The deal screams "not my problem anymore," as Brookfield skips out on the landlord life.
Commercial Real Estate Continues Its Descent in 2024
Commercial real estate in 2024 is like a sinking ship.
Everywhere you look, properties are drowning in debt.
In sunny California, a whopping $21 billion in loans are crying for help.
Texas-based GVA? They're up to their necks in foreclosures, thanks to a casual $600 million oopsie.
It's a nationwide "everything must go" sale, and nobody's buying!