‘Third Wave’ of property loan failures imminent

Owned by the Bank

Gateway at Aldridge in Murfreesboro looks like any other new apartment complex. It has a workout room, free Wi-Fi and cozy fireplaces.

What’s not so obvious is that a bank owns it.

Like other apartments that have fallen into foreclosure in the Nashville area, Gateway is a reminder of a troubling and still growing problem for bankers — commercial real estate loans that have turned sour and could weigh on the economy for years.

The financial crisis over the past two years has brought consecutive waves of unpaid housing loans and a residential real estate slowdown. A third wave of misery — commercial real estate problems — has yet to peak in Tennessee or even nationally. The Tennessean