Appraiser cuts Meatpacking District store’s valuation to the bone
A Meatpacking District landlord got burned by its tenant — and now, the valuation of its storefront has been...
cmbs
The Latest
National
CMBS special servicing rate declines in March
The rate of loans sent to special servicers continued to fall in March, showing signs of recovery in several...
Durst refinances two Midtown buildings with $1.1B CMBS loan
The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114...
Insights
Here’s what tenants are paying at Vornado’s 909 Third Avenue
Since it was built in 1968, the 490,000-square-foot warehouse at 909 Third Avenue in Midtown has been home to...
Value of Beekman Tower cut by 45% in new appraisal
Eight months since its owner sought pandemic-related loan relief, the landmark Beekman Tower has exited special servicing after securing...
National
Landlords take on short-term debt to spruce up struggling assets
Landlords are increasingly taking on short-term debt to fix up their empty stores, hotels and apartment buildings. JPMorgan found...
Tri-State
Simon’s Connecticut mall valuation slashed by 88%
The valuation for about two-thirds of Simon Property Group’s Crystal Mall in Waterford, Connecticut was slashed 87 percent to...
National
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raised $1 billion to provide rescue capital to struggling hotels. The lender said it will originate and...
National
A Simon mall falls to foreclosure
Simon Property Group has lost control of a mall in suburban Atlanta, more bad news for one of the country’s largest retail landlords that has seen income plunge due to the pandemic. Deutsche Bank...
National Insights
What appraisal reductions mean for future losses on CMBS loans
As delinquency rates for commercial mortgage-backed securities settle into a new normal after early pandemic chaos, other market metrics...