Maybe. Would be good to find evidence of some comparable transactions.
Presumably the debt is securitised and therefore it is bond holders that will take the loss - possible I guess that AJA is effectively bidding against the agents that normally deal in defaults and take a profit from it.
Anyway, interesting article here:
Business Week - Fortress seeks japan properties as sales loom: Mortgages
Sounds positive for Japanese properties, although I wonder whether the benefits will be there for Australasian holders given possibility of offsetting moves in JPY:AUD rate.
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loan maturity update 29/6, page-7
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