No Takers for Texas as NYC Trophies Find Refinancing: Mortgages
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When it comes to the commercial-mortgage bond market these days, location is everything.
From Webster, Texas to Providence, Rhode Island, borrowers in the U.S. are coming up short, unable to get new loans as about $59 billion in mortgages packaged into bonds comes due in 2012, according to data compiled by Bloomberg. In contrast, $930 million has been refinanced on two New York skyscrapers in the past month; Vornado Realty Trust’s Park Avenue tower and Sheldon Solow’s 9 West 57th Street, home to Chanel SA and KKR & Co.