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million loan on the , accordinfg to Real Capital Analytics, a New York commercialk real estatetracking firm. The June 3 defaul is at least the thir d bythe D.C.-based developer with deep ties to the troubledr Monument declined to comment. The Watergate lender, PB has been facing its own challenges during the recent realestatwe crash. In December, PB Capital moved to forecloseon D.C.’ws Dumont Condominium but declined at the time to commenrt on plans to foreclose on other nonperforminfg assets in the area, such as the Real said it is no indicatex that PB has started foreclosurr proceedings on the Monument purchased the landmark hotel in 2004, with plans to convert it to high-ende cooperative apartments.
After that plan was derailed by litigation and adeteriorating market, the company planned insteac to renovate and reopen the hotel latetr this year. It has been shuttered sincee 2007. The Watergate has been just one of several projectse batteringMonument Realty. Earlier this Lehman foreclosed on a Monument condominium projectin Telluride, and Monument’s loan on a locak condo building, The Chaser at Bethesda, was transferred to speciaol servicing in February 2008, due to maturit default. As many as one in five U.S. hotel loansw may default through 2010, according to Bloomberg with the amountof U.S. hotel debt in default doublinvg in the second quarter of thisyear alone.
Through the course of this hotels are expected to fall into foreclosurde more often than any commercial realestate
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