BANK 2017-BNK9 - Charts and Resources

Loan transferred to the Special Servicer on 9/13/2024 for Imminent Default due to cash flow issues. Collateral consists of Park Square, a 503,312 SF office building located in the Back Bay neighborhood of Boston, MA, originally constructed in 1923 and subsequently renovated between 2014-2016. WeWork, which represented 27% of the GLA (137K SF), terminated its lease. Lender was also notified that Borrower will cease to fund any shortfalls out of additional capital contributions by its equity owners. Lender is currently trapping all cash flow from the Property. A Notice of Default and Reservation of Rights has been sent. As of the 6/30/2024 YTD financials, the NOI/DSCR/Occ. at the property is $541K/ 0.12x/ 42%. The Special Servicer will gather additional information and simultaneously discuss workout strategies deemed appropriate to achieve the highest net present value recovery.

The loan transferred to special servicing in November 2020 due to borrower-declared imminent default as result of COVID-19 and subsequently went into payment default for the October 2020 payment. A receivership order was entered in February 2022 appointing GF Hotels as receiver. Marriott remains as manager of the property. Foreclosure sale took place on April 17, 2023, and lender was the winning bidder. The property became REO in August 2023. In Q1 2023 SS engaged in a process to sell the asset. Given the state of the financing environment and limited offers received, SS elected not to sell at that time. . The property continues to perform well compared to its comp set and the PIP items accounted for under the 2024/2025 approved CapEx plan are in process. T12 RevPAR was $106.17 which is a 3% increase over the previous year. The hotel is currently on the market with a sale expected in Q2 2025.

The Loan transferred to Special Servicing on 01/31/2025. Lender is negotiating a loan extension that will enable the Borrower to inject new equity and extend the Duane Morris lease.