CCUBSCM 2017-C1 - Charts and Resources

8/10/2025 - The Loan was transferred to the Special Servicer on 8/1/2024 for Imminent Default as the Borrower notified the Lender they would be unable to service the Debt Service due to tenancy issues. The Loan is now in default for delinquent payments. The collateral consists of a 36-story, 325,510 SF, Class A, multi-tenant office tower built/renovated in 1928/2014, and located in Brooklyn, New York (“Property”). The largest tenant, City University of New York (“CUNY”) (47,162 SF, 15% NRA, 18% PGI), vac ated at the end of the 8/31/24 LXP, and a Cash Sweep is now fully implemented. The Lender will dual track foreclosure/receivership proceedings while continuing discussions with Borrower until a resolution is reached.

8.1.2025: The loan, originated in 2014 and set to mature in 2027, transferred to Special Servicing on August 1, 2024, due to a borrower default and the bankruptcy filing of its sole tenant, 2U. 2U, formerly headquartered at the property, filed for bankrup tcy on July 25, 2024, and subsequently surrendered their lease on August 8, 2024. A Pre-Negotiation Letter was executed with the borrower on 8.7.2024. The borrower engaged PKV Investment Management to negotiate a long-term forbearance agreement with the l ender, while pursuing a replacement tenant or the sale of the property. The borrower also filed a claim against 2U and its guarantor in bankruptcy court, seeking maximum recovery, and ultimately reached a settlement agreement for $9.5 million. The borrowe r identified a potential new lease with an investment-grade tenant for the entire property by mid-2025. This prospect led to negotiations for a $54 million sale of the asset, which ultimately failed to materialize. In the interim, the lender and borrower executed a short-term, three-month forbearance agreement, which extends through August 2025. The borrower has remained compliant with the terms of this agreement and continues to search for a new tenant or buyer for the property. It should be noted that a s part of the executed forbearance the borrower consented to the appointment of a receiver, if the property is not sold by the termination of the forbearance.