Vornado's default on Cannery loan is said to be strategic

05/12/2010 | Wall Street Journal, The

Vornado Realty Trust has defaulted on an $18 million mortgage loan for The Cannery at Del Monte Square in San Francisco, according to a source. The REIT originally had planned to redevelop the marquee landmark when it acquired it but halted those plans during the recession. Now it has stopped making payments on the mortgage -- a move that is calculated to better restructure the debt, the source says.

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