Calmwater Capital, a Los Angeles-based company, has enlisted the help of SVN Chicago Commercial to sell a vacant property located at 209-227 S. State St. in Chicago, according to Crain’s Chicago Business. The vintage property was acquired by an entity affiliated with Calmwater through deed-in-lieu of foreclosure from Sterling Organization, a Florida investment firm.
In late September, Morningstar Credit reported that two loans in GSMS 2019-GSA1 were transferred to special servicing due to non-monetary default. These loans include Mediterranean Apartments and Sunrise Apartments in Southern California and are sponsored by Kevin Jones & Louise A. Jones.
Fitch Ratings recently downgraded three classes and affirmed eleven classes of Benchmark 2018-B2 Mortgage Trust commercial mortgage pass-through certificates (BMARK 2018-B2). The largest contributor to loss expectations for this trust is Central Park of Lisle, which is secured by a suburban office building in Lisle,Illinois.
Six classes have been downgraded and eleven have been affirmed for CSAIL 2017-CX10 Commercial Mortgage Trust Pass-through Certificates series CX10 according Fitch Ratings’ recent report on the trust’s performance. The largest contributor to overall loss expectations for this trust is the loan secured by an office property located at West Broadway Streetin Manhattan’s SoHo neighborhood.
Accordingto Crain’s New York Business,FitchRatingshasdowngradeda loansecuredbytheWorldwidePlazainMidtownManhattan dueto uncertainty surrounding key tenants planningto leave.Thepropertywasattemptedtosellfor$1 .7billionin20l7,butfoundfewtakers.Fitchnotesthatmorethan80%ofthecashrentatthisofficepropertycomesfromtwotenants,CravathSwaine&MooreandNomuraHoldings.
The Bermuda court has ordered China Oceanwide Holdings Limited,the investor behind Oceanwide Center in San Francisco, to be liquidated. This comes after an affiliate of DW Partners filed a winding-up petition against the company for failing to pay a $175.4 million loan on 80 South St.,a planned residential tower in Lower Manhattan.
In response to looming loan maturities, higher interest rates,and declining property values,Seyfarth Shaw law firm has launched a servicing/special servicing group led by Katie Schwarting. The new practice will provide guidance and counsel for various types of loan servicers including CMBS,Freddie Mac,CLO securitizations,and Fannie Mae and life company loans.
This week’s ReturntoLender report covers notable events from October 5,2023 without mentioning Connect CRE or its affiliates.
