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Near Southeast DC Past News Items: Jun 13, 2008
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From today's print edition of the Washington Business Journal (subscribers only): "Since announcing his takeover of GVA Advantis, Monument Realty co-founder Jeffrey Neal has remained mum about his future at Monument, one of the region's largest developers. [...] [P]rivately, several insiders said it is also an indication that Neal is parting ways with Monument, the 50-person company he formed with business partner Michael Darby in 1998. [...] For almost three months, Monument's equity partner in 15 transactions, Lehman Bros., has been seeking to sell its interest in the Monument projects it has backed, according to sources close to the deal. Lehman announced on June 9 it expects to lose $2.8 billion in its second fiscal quarter, its first loss since going public in 1994. Since April, Lehman has shed some $130 billion in assets to raise capital and to reduce its exposure to mortgages and loans used to finance leveraged buyouts, according to The New York Times. Lehman has invested about $620 million in Monument projects, according to Monument's Web site, including The Chase at Bethesda, a failed condo conversion. The Chase partnership's loan was 'transferred to special servicing on Feb. 4, due to maturity default,' according to Fitch Ratings." The article doesn't specifically mention any of Monument's Ballpark District projects.
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