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Originally Posted by rickvug
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I just saw that on Howard Chai's substack and was going to post.
Really appreciate the in-depth stories he does. As he noted, a lot of times these type of articles focus just on the developer and not the entities who have lent the money for these projects. I found this interesting:
... “Due to limited market interest, which Price Capital attributes to current softness in the market, Price Capital has determined that acquiring the Lands is necessary to protect its position as a secured lender in a secondary position behind Portage with a shortfall between the Appraised Value and the combined amount of the Portage Indebtedness and the Price Capital Indebtedness,” said Foy in his affidavit. “Price Capital intends to hold the Lands and pursue a sale when market conditions improve.”
As I’ve reported for Western Investor, lenders are increasingly being forced to submit credit bids like this because of the soft market....
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