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Shorenstein Properties Defaults on $350M CMBS Loan Tied to 1407 Broadway

A $350 million loan secured by 1407 Broadway, a 43-story office building just south of Times Square, is 30 days delinquent and has been sent to special servicing, according to a report from Trepp. Shorenstein Properties, a San Francisco-based real estate investment firm, purchased the 1.1 million-square-foot building in April 2015, as part of the firm’s Fund Eleven portfolio. The loan backs the 2019 single-asset, single-buyer commercial mortgage-backed securities (CMBS) deal, BBCMS 2019...
Grand Central Terminal New York United States Starrett Lehigh Building Bryant Park Times Square
Source: yahoo.com

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Hudson Pacific, Blackstone CMBS Soundstages Loan at Risk From Hollywood Strikes: Barclays

Hudson Pacific Properties’ (HPP) suspension of a quarterly dividend on its common stock due to the ripple effect of Hollywood strikes will mean only ”limited” risks for a 2021 commercial mortgage-backed securities (CMBS) deal the studio operator executed with Blackstone (BX), according to new analysis from Barclays (BCS). Victor Coleman, HPP’s CEO and chairman, said in the company’s Sept. 7 announcement that the suspension of quarterly dividends was driven by ...
United States Anuj Jain Lea Overby Victor Coleman Wells Fargo Writers Guild
Source: yahoo.com

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