Billionaire Barry Sternlicht's firm just defaulted on a $200 million office mortgage amid mounting commercial-property stress
His company, Starwood Capital Group, just defaulted on a $212.5 million loan tied to an Atlanta office tower that was due for payment on July 9,"Borrower confirmed they are unable to payoff the loan at maturity," a Computershare filing said, adding that lenders are in negotiation talks. Sternlicht's struggles reflect the turmoil in the commercial real-estate industry thanks to high interest rates, tighter lending standards, and work-from-home trends.
Investors have become increasingly concerned the commercial property sector could slide into crisis, with household names including Elon Musk already predicting the sector is in"meltdown." Meanwhile, McKinsey Global Institute recently warned that global office buildings could experience anSternlicht himself, has been vocal about rising interest rates and the effect the trend will have on the US economy. He's previously blasted the Federal Reserve for aggressively hiking rates, saying it's not sustainable and is"clearly suicide,"
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