Moved to special servicing. There was a write-up on Bloomberg (no link, sorry), but unclear what's going on here. The 1Q 2010 DSCR was 2.22x with a 42% OLTV. There could be Mezz on the property, but even then, take the OLTV to 100% at the same coupon, it still, almost, cash flows. It's structured as an ARD, so soft maturity at 8/11/2014...
Something is fishy about this one. I suspect either the reported numbers are wrong, or the sponsor is attempting a losing battle at the special.
Let's sit back and watch.
Holding owned (in part or whole) by the same sponsor (RFR):
Grammercy Park Hotel
40 Bond Street
Breaking: WeWork Banks on Brokerage Business
2 days ago