Tom Barrack’s prediction that the commercial mortgage market would collapse has now hit close to home. The magnate’s Colony Capital has defaulted on $3.2 billion in loans backed by hotel and health care properties, according to a regulatory filing first reported by the Financial Times. Before the coronavirus crisis sent the economy into a spiral, that portfolio of 157 hospitality and health care-related properties accounted for three quarters of Colony’s real estate balance sheet. However,
source https://therealdeal.com/2020/05/10/tom-barracks-colony-capital-defaults-on-3-2b-in-loans/
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