by Kipp Gillian | Jan 22, 2024 | Distressed Assets
RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
In the ever-evolving landscape of commercial real estate, the status of distressed assets serves as a barometer for the industry’s resilience and adaptability. Mitchell Hunter, chief commercial officer at Trimont, is at the forefront in identifying trends in...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
Delinquency rates for mortgages backed by commercial properties increased during the fourth quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance Loan Performance Survey. 96.8% of outstanding loan balances...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
The $308-million mortgage on 1740 Broadway, a Manhattan office tower owned by Blackstone Inc., is up for sale again after the private equity giant defaulted on the debt more than a year ago, reported Bloomberg News. Special servicer Midland Loan Services hired JLL to...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate dropped by six basis points in December 2023, falling to 6.78%. However, the long-term trend is still up: Trepp said the special servicing rate closed out 2023 with a total increase of 167 bps year over year. Most property types...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
Kroll Bond Rating Agency reported that the Columbus Square Portfolio, totaling $370.6 million in four 2014 vintage conduit transactions, transferred to the special servicer for imminent maturity default. The portfolio is backed by five condominium buildings that...
