Lenders and owners restructured $10.5 billion of troubled debt during the first quarter, up from $2.2 billion a year earlier, according the Ben Thypin, senior market analyst at Real Capital Analytics Inc. in New York. Such deals accounted for 49 percent of newly troubled and foreclosed commercial properties in the first quarter, compared with 13 percent in the first quarter of 2009. While hotels have been a main beneficiary of lenders’ willingness to redo loan terms, a 40 percent decline in commercial real estate values since the 2007 peak is also squeezing owners of office buildings, malls and apartments. An estimated $1.4 trillion in commercial mortgages will mature through 2014.
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