The $66 billion industry features projects carrying close to $8 billion in construction debt over a two-year period. Lenders servicing those projects include Wells Fargo & Co. and Deutsche Bank AG. Further, “projects still on the drawing board that are looking for funding are probably out of luck for now,” according to the article.
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Construction Debt Risk Heightened as Work Grinds to a Halt
The construction shutdown in New York City is threatening the industry’s substantial debt risk. So reports Bloomberg.
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