BMARK 2018-B5 - Charts and Resources

Loan transferred SS on 7/23/24 for Imminent Default due to cash flow issues. The Property has performed below a 1.00x DSCR since COVID-19. Per the Borrower, InterContinental Hotels Group indicated they will not be renewing the Franchise Agreement upon expiration in June 2028. Additionally, the Borrower put the Property on the market to sell and only received one offer due to the anticipated flag non-renewal. The Borrower has been coming out of pocket to cover operating expense shortfalls and nolonger wants to contribute additional capital. Borrower signed a Reservation of Rights Letter. Counsel was retained and a Notice of Default Letter was sent out to Borrower on 12/16/24. Lender is moving forward with an appointment of Receiver. The collateral is a 3-s tory, 103-key hotel located in Wheat Ridge, CO. It was acquired in 2018 by the Sponsor, built in 1984, renovated in 2014, and completed its latest PIP in 2023. Amenities include a pool, fitness

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 extending 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 passu loans. Discussions with the Borrower regarding a potential loan modification are ongoing.