| Good news! There's equity available, and some lenders don't have the money to keep kicking the can down the road, reported panelists at yesterday morning's ULI Breakfast. Thrilled to have a reason to smile, we found Strategic Hotel's Jon Stenner and Paula Maggio with Perkins Coie's Adam Docks and David Neff. Perkins Coie is representing a number of hotels (including the InterContinental O'Hare) in workouts and restructurings. | |
| Wrightwood Capital's Henry Bieber and Wells Fargo's Bill Avery have been working to reduce debt in their portfolios. Henry's $2.5B has been reduced to $2B over the last 30 months (it peaked out with 30% in construction loans). Bill is responsible for $1B in troubled assets, some of which he may strategically extend loans on. Henry and Bill encouraged good borrowers to ask their lenders what they can do to keep loans alive, especially in cash-flowing assets that might yield a return in the future. As long as the loan is current, lenders are usually willing to extend to limit their exposure. |
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