The mortgage bill is coming due on billions of dollars of real estate loans capitalized at the height of the country's property boom. Now these loans will need to be refinanced at a time when lenders will be looking much more closely at the underlying value of the assets they are backing. Almost 40% of the $70 billion in NYC loans coming due this year were originated five years ago, when lending standards were considerably looser. Most of this paper is linked to commercial properties, but some buildings are residential, like the Jumeirah Essex House, which has $180 million in loans coming due. [NYT]
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