BMARK 2018-B4 - Charts and Resources

The loan transferred to Special Servicing effective 9/10/2024 for imminent non monetary default. The subject is a 1,156,393 SF suburban office complex comprised of five office buildings located in Westchester, IL, built in 1986 and renovated in 2016. As of February 2025, the subject is 64.9% leased. This is compared to YE 2023 and YE 2022 leased occupancies of 67.1% and 71.3%, respectively. The Property's largest tenant is at lease with an amendment to reduce their footprint by nearly two thirds, while ex tending the term on their remaining premises by 7.5 years. Once finalized, occupancy will decrease to 57.8%. A site inspection was completed in November and noted the Property is in good condition with no observed deferred maintenance. One of three pari pa ssu loans. Discussions with the Borrower regarding a potential loan modification are ongoing.

The loan transferred to Special Servicing effective 9/6/2024 for imminent monetary default. The subject is a 691,705 SF complex located in Durham, NC. The complex consists of 10 buildings that were built between 1985 and 1988. A September 2024 site inspection found the asset in good overall condition. The occupancy as of December 2024 is 62%. The December 2024 T-12 NOI DSCR based on the Borrower's unaudited financials was 1.08x. Cash management has been complemented. A draft budget for 2025 for all 10 buildings was also received, and it projected a YE 2025 DSCR of less than 1.0x. The Lender is in discussions with Borrower about a larger loan modification.