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Company defaults on $212 million loan after CEO warns of economic suicide

Por: Newsweek Nation July 18, 2023

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Starwood Capital Group Chairman and CEO Barry Sternlicht warned in November about the adverse effect that Federal Reserve interest rate hikes would have on the U.S. economy.Eight months later, his prediction came true as his company defaulted on a $212.5 million mortgage backed by an Atlanta office tower when the loan matured on July 9.Acquiring a loan has grown progressively more expensive as the Federal Reserve raises interest rates to combat... + full article



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