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Business Journal: Prominent Developments Late on Loan Payments

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(Sacramento, CA)
Monday, August 9, 2010
Commercial mortgage-backed securities tracker Trepp says 28 commercial properties — from large shopping centers to major office complexes — owe a combined $520 million. That’s more than double the figure last year, and a clear sign that the commercial real estate market remains in trouble.  In fact, the four-county region’s 13 percent delinquency rate for commercial mortgage-backed properties is much higher than the 9 percent rate nationwide.
The largest delinquent project is the Capital Center office complex on White Rock Road in Rancho Cordova, which owes almost $68 million, followed by Country Club Plaza on Watt Avenue at $44 million.  A majority of the troubled properties are shopping centers, which have been one of the hardest-hit real estate sectors in the region and nationwide.
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