'Foreclose and file' tactics exposed

'Foreclose and file' tactics exposed

Category: CMBS

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A bankruptcy auction of the remaining MSR Resorts properties, currently scheduled for 25 October, is expected to pay off the entire outstanding CMBS debt. The case highlights what happens when a mezzanine lender succeeds to foreclose and file, and is provided with an extensive exclusivity period.

The proposed auction includes a stalking horse bid from Government of Singapore Investment Corp (GIC RE), which is committed to offer up to US$1.5bn

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