WASHINGTON, DC-Barclays Capital’s second scheduled foreclosureauction for the St. Regis hotel in Downtown DC may be postponed, ifa rumor about the transaction is accurate. The lender first plannedto begin foreclosure proceedings in an auction that had been setfor the end of the September, as GlobeSt.comfirst reported.
That date was rescheduled for Oct. 22, but contradictingmultiple media reports, this new date as well may be pushed back, asource tells GlobeSt.com. A call to Barclays Capital’s attorney ofrecord on this transaction, Shapiro, Lifschitz and Schram, was notreturned in time for deadline. Barclays Capital declined to commentto GlobeSt.com.
The deal could have been postponed for any number of issues frompaperwork to legal issues, the source speculated. It is alsopossible that it was pulled in order for the borrowers to work outa deal with the lender. A reportin the Irish Times says that talks are takingplace between the bank and the Irish backers of the property, whichare seeking to prevent the wipe out of its $45 million equityinvestment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
