by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 33 basis points to 8.79% in September. This was the ninth consecutive monthly increase and the second-largest uptick of 2024, the firm reported. Distress was consistent throughout, with the respective special servicing rates...
by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The $8.5-million purchase of the former Sports Illustrated building at 135 West 50th St. in Midtown Manhattan has been completed, Trepp reported. A leasehold interest in the 23-story building, with 925,000 square feet of office space, was offered at an online auction...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
Driven by the retail sector, the Trepp CMBS Delinquency Rate continued its uphill climb in September 2024, rising 26 basis points to 5.70%. Although most of the major property types contributed to the rise in the overall rate, retail contributed to about 50% of the...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
The Dilweg Cos. turned ThExchange office park in Charlotte over to Ares Management, the Charlotte Business Journal reported. The property’s $68.6-million loan matured in May and became nonperforming that same month. Ares initiated foreclosure proceedings on the...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
With pricing down 19% from its 2022 peak, the U.S. commercial real estate sales market is starting to come back to life, Bloomberg News reported. One reason is that lenders and owners want to cut their losses and make new investments now that the Federal Reserve’s...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
Harbor Group International has taken title to the 623-unit Lofts at Twenty25 apartment property in Atlanta, reported Trepp. The Norfolk, VA, investment manager two years ago had provided $104.7 million of financing against the property at 2025 Peachtree Road NE to...
