Bigger Multifamily Properties Hit the Block
Filed Under Auctions |
It seems default is creeping out of the residential sector and we’re seeing it in some larger multis. This month we are quarterbacking the sale of 20 units in a bankruptcy auction in Cambridge Massachusetts. This is a Tranzon Auction Properties Deal (you might know I represent Tranzon in southern New England).I also saw that Dan Flynn has a number of 6(ish) unit multis that are on the block in foreclosure sales. Look for more of this over the coming year.
It seemed for some time that it was (nearly) strictly the residential multifamilies (2-4 units) but now we’re seeing some of the stronger commercial borrowers are facing more problems. Tight credit and dashed condo dreams are likely the root of most of the multifamily trouble you’ll see around here. Its not for lack of tenants that these properties are in default.
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