Loans that banished in a property bust reappear

The W Hotel in Union Square has had an eventful six months. The 270-room hotel changed hands in December after the private equity division of Dubai World defaulted on a $117m mezzanine loan in the face of dwindling business. But the lender, LEM Mezzanine, could itself lose the hotel in coming months as a result of its filing for bankruptcy protection earlier this year.

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