New York’s Stuyvesant Town in default, massive General Growth Properties succumbing to bankruptcy, Las Vegas’ mega-project CityCenter barely back from the brink. High-profile commercial real-estate blowups just kept coming.

Even playing host to a high-profile PGA Tour event and to Tiger Woods’ televised mea culpa in February couldn’t keep the owner of the Sawgrass Marriott Resort in Ponte Vedra Beach, Fla., from filing for bankruptcy protection a month later.

And for each multibillion-dollar failure, there have been hundreds of smaller commercial defaults on hotels, offices, shops and apartment complexes that didn’t make the national news. (more…)