Discounted Payoff Property: $7 Million Class D Multi-Family in Texas Problem: The loan was transferred to special servicing due to cash flow issues related to declining rents and increased operating expenses. Additionally, the property was in very poor...
Discounted Payoff Property: Anchored retail center in Washington Loan Balance: $18.5 million Problem: The loan was originated in 2002 and the lender procured a Phase I ESA at origination and determined that there was petroleum contaminated groundwater....
Discounted Payoff Properties: Nine self-storage facilities in New York and Pennsylvania Loan Balance: $25.5 million CMBS debt and $14.0 million on-book bank debt Problem: The complexity of this transaction was that all nine properties were...
Short Sale Property: Industrial Building in New York Loan Balance: $48 million Problem: The vacancies in this industrial property reached 75 percent, and the property was listed for sale. The current value of the property was difficult to...
A/B Loan Bifurcation Property: Retail Center in California Loan Balance: $27 million Problem: The grocery anchor in this retail center went dark. The current value of the property was $12 million and it was likely that the value would recover by maturity...
