From the Wall Street Journal:
The News: Ian Bruce Eichner, who is developing a Las Vegas casino resort, defaulted on a $760 million loan after he failed to get refinancing.
The Trend: Owners and developers of some of the country’s choicest properties are having trouble refinancing shorter-term loans they received during the boom days.
What It Means: The credit crunch in the residential real-estate market is starting to bite commercial projects, too.