2008-02-12 — inbusinesslasvegas.com
More than two months after trying to dispel speculation it was having financial problems, residential developer Focus Property Group announced Monday it missed an interest payment Feb. 1 and has begun discussions with lenders to restructure its $500 million debt.
And here's another article with more bad construction loans held by major money center banks floating to the surface:
The tightening lending market is jeopardizing the ownership of a multibillion-dollar hotel-condominium development under construction on the Strip.
The owner of the $3 billion Cosmopolitan confirmed Wednesday that he received a notice of default from Deutsche Bank after payments on a $760 million construction loan came due.
...
The project's senior management team is continuing to work with financial institutions Deutsche Bank and Merrill Lynch to find new investors, Eichner said.
$760M... nice one DB. Good luck finding new buyers at anywhere near the peaky prices you financed.
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