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