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Article: Commercial real estate feels pinch; Concerns mount for income-producing properties. Tightened credit has slowed the market and cut into refinancing.(BUSINESS INSIDER)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- October 6, 2008
- Author:
CopyrightCOPYRIGHT 2008 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: SUSAN FEYDER; STAFF WRITER
CORRECTION PUBLISHED 10/11/08: This story had the wrong information about a bankruptcy filing. It was by Jack Buxell and his wife, Jane.
Twin Cities-area commercial properties haven't been hit with a rush of foreclosures like the housing market, but the unsteady economy and credit squeeze are making it increasingly difficult for some owners to pay off their debt.
The commercial real estate market in the metropolitan area and across the county has been feeling the effects of the subprime housing lending meltdown for more than year, with tight credit slowing what had been a brisk market in income-producing ...