Texas College Housing Complex With Rooftop Pool to Default
- Texas housing complex features rooftop pool, volleyball court
- Moody’s downgrades bonds deeper into junk, citing default
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Park West, a 3,400-bed student housing complex near the Texas A&M University campus with a resort-style rooftop pool, will default on its July debt payment, according to Moody’s Investors Service.
The ratings company downgraded the bonds deeper into junk on Wednesday, saying that the new rating of Caa2 reflects the project’s impending default on July 1. The bonds are rated eight steps below investment-grade.