CHARLOTTE, NC-Crescent Resources is currently struggling along with the rest of the nation’s commercial real estate market, saddled with $1.4 billion in debt and facing possible bankruptcy, according to the Charlotte Observer. The developer of multifamily and office properties expanded into booming states in the Southeast and Southwest that were later hit hard by the market downturn.

Art Fields, Crescent’s president and CEO, says the company is working with lenders and owners to “right size” its business. “We are evaluating many alternatives with our key stakeholders, one of which includes a potential bankruptcy filing,” Fields stated.

Duke Energy Corp. sold a 49% stake in Crescent to Morgan Stanley Real Estate three years ago, which led to Crescent taking on $1.2 billion in debt. To read more about Crescent’s current troubles, click here for a full report by the Charlotte Observer.

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