Word: land
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...refinancing wall. Deutsche Bank's Parkus estimates that more than 65% of the loans that have been packaged into commercial mortgage backed securities won't qualify for refinancing when they come due. Second, banks are already facing painful choices about what to do with short-term land and construction loans that will never be paid off in full. Finally, the vulture investors who usually swoop in and refire markets after a bust are still hanging back...
...We’re ready to buy the land when it is clean, but we will not purchase contaminated land and take on that liability,” she said...
...present an alternate plan in which the University would retain ownership of approximately 15 to 17 acres of contaminated land—parcels with permanent restrictions on their usage that would likely preclude any future development or agriculture on the sites. The remaining 45 to 47 acres of uncontaminated land would be sold to the town at a reduced price...
...think there will be very little cost and very little liability to the University to holding onto the contaminated and encapsulated land, or we wouldn’t be considering it,” Gray said, adding that in the future, Harvard could sell the land to another non-profit group...
...Moody’s Investors Service report issued Thursday stated that Weston intended to sell $32 million in bonds, of which $19.5 million in bonds would finance the purchase of the land plot, according to a Dec. 17 presentation prepared by the town. Other revenue from the bond sales will go towards public work projects, the report stated...