Blackstone Group may ask creditors to restructure $4.94bn of debt remaining from its 2007 purchase of Sam Zell’s Equity Office Properties Trust, according to two people familiar with the discussions. Blackstone would consider paying down about 5% of the balance and agreeing to a slightly higher interest rate in exchange for extending the maturity, according to the people, who declined to be identified because the talks are private. The debt, which was packaged and sold as a commercial mortgage- backed bond in June 2007, matures in 2012. While US commercial property values have fallen almost 42% since 2007, the Blackstone properties are generating enough cash to pay the mortgages.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time? If not, which is one is true? HousingWire Columnist Logan Mohtashami takes a deeper dive.
While rent prices are going up, the latest 3% year-over-year increase marks the slowest pace in 18 months, according to a new report from RentCafe.