Even when business is good, refinancing can be difficult

Even assets with healthy performance are struggling to refinance in this tough credit market, the Wall Street Journal reports.

For instance, after three one-year extensions, the Westin New York in the Times at Times Square is looking to refinance its $232 million mortgage. And although the 863-room hotel, developed by Tishman Hotel and Realty, can report 90 percent occupancy, according to real estate analytics firm Trepp, the servicer transferred responsibility to a loan workout specialist this past Friday.

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Tishman told the Journal it is a “formality that lets it explore options,” and noted that the loan was not in default. [WSJ]