Two loans backing 16 buildings in the Bush Terminal near the waterfront in Sunset Park, Brooklyn, have been transferred to special servicers following a default by the owners, according to Fitch Ratings. The loans — one for $250 million and the other for $50 million — were originated by Goldman Sachs in September 2007 with a maturity date of September 2017, Crain’s reported. The master servicers are Wells Fargo and Midland Loan Services, and LNR Partners is the special servicer. The borrowers, 1-10 Industry Associates and 19-20 Industry City Associates, have been delinquent on the loans for at least 30 days. The owner, Industry City Associates, declined to comment. A few months ago, the city’s Economic Development Corp. started seeking a developer for a 130,000-square-foot site at Bush Terminal, as part of the city’s Sunset Park Vision Plan, which was created in 2009 to revitalize the industrial area. [Crain’s]
Bush Terminal defaults on $300M in loans
January 20, 2011 03:04PM
May 03, 2012 at 11:39 am, Sunset Park commercial complex owners restructure defaulted $300M loan « « TEAM3P TEAM3P said:
[...] complex along the Brooklyn waterfront in Sunset Park, Crain’s reported. The ownership defaulted on the loan early last year after the economic downturn forced many office and industrial tenants out of their space, requiring [...]