Lawrence Welk used to say: “Once again, with feeling.”
Commercial real estate is a $3.4 trillion problem that’s just beginning. One example, on April 23, Fontainebleau Resorts, which owns the Las Vegas project Fontainebleau Las Vegas, filed a $3 billion lawsuit against several large banks, Merrill Lynch Capital Corp., and other lenders. The lawsuit claims the banks reneged on their commitments to provide pre-arranged funding to complete the Fontainebleau Las Vegas project.
Haven’t we seen this story before? I think it was called “housing.”
Till next time,
Bill
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