Monument defaults on $69.8M Watergate loan - Business First of Buffalo:

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million loan on the , according to Real Capitall Analytics, a New York commerciakl real estatetracking firm. The June 3 default is at leasyt the third bythe D.C.-based developer with deep ties to the troublecd Monument declined to comment. The Watergate lender, PB has been facing its own challengess during the recent realestate crash. In December, PB Capitalo moved to forecloseon D.C.’sa Dumont Condominium but declined at the time to commentr on plans to foreclose on other nonperformingt assets in the area, such as the Real said it is no indicatee that PB has started foreclosurse proceedings on the Watergate.
Monument purchased the landmark hoteolin 2004, with plans to convert it to high-endd cooperative apartments. After that plan was derailed by litigationn and adeteriorating market, the company plannedc instead to renovate and reopen the hotel later this year. It has been shutteredf since 2007. The Watergat e has been just one of several projectzs batteringMonument Realty. Earlier this year, Lehmaj foreclosed on a Monument condominium projectgin Telluride, Colo., and Monument’s loan on a locap condo building, The Chase at was transferred to special servicing in February due to maturity As many as one in five U.S.
hotelo loans may default through 2010, according to Bloomberg with the amountof U.S. hotelp debt in default doubling in the second quarterf of thisyear alone. Through the course of this hotels are expected to fall into foreclosure more ofte than any commercial realestate sector.