Last week Bloomberg reported that Brookfield Corporation, one of the largest commercial real estate companies in the world, has defaulted on $161.4 million of office building mortgages.
The reasons behind the defaults are generally straightforward. The double whammy of higher vacancy rates post-Covid and higher interest rates have turned these buildings from profit generating ventures into huge gaping money pits. Here are the grim particulars from Bloomberg and how it may affect you…
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