by Kipp Gillian | Jan 18, 2024 | Distressed Assets
The $308-million mortgage on 1740 Broadway, a Manhattan office tower owned by Blackstone Inc., is up for sale again after the private equity giant defaulted on the debt more than a year ago, reported Bloomberg News. Special servicer Midland Loan Services hired JLL to...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate dropped by six basis points in December 2023, falling to 6.78%. However, the long-term trend is still up: Trepp said the special servicing rate closed out 2023 with a total increase of 167 bps year over year. Most property types...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
Kroll Bond Rating Agency reported that the Columbus Square Portfolio, totaling $370.6 million in four 2014 vintage conduit transactions, transferred to the special servicer for imminent maturity default. The portfolio is backed by five condominium buildings that...
by Kipp Gillian | Jan 9, 2024 | Distressed Assets
Eagle Point Hotel Partners purchased Ascent on Main, a 51-key boutique hotel in Colorado, for $8.25 million. The property, which was under the control of a receiver, is located in the Denver suburb of Parker. Ascent on Main opened its doors in late 2019. The...
by Kipp Gillian | Jan 8, 2024 | Distressed Assets
A venture of Chicago-based investor Igor Gabal has acquired the 12-story West Loop office building at 300 West Adams Street for $4 million. The deal represents a staggering discount of nearly 90 percent from the building’s $38 million appraised value when it was...
