Commercial-property loans may be next stage of crisis

08/22/2008 | NYTimes.com

New York City may be facing its largest default in the credit crisis, as a large apartment complex in Harlem warned last week that it might not be able to make good on a $225 million mortgage payment by September. The disclosure accents fears that commercial-property loans may be drying up, further extending the credit crunch. Markets had been hopeful that commercial loans would be able to avoid the turmoil brought by falling home-mortgage values.

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