💬 Servicer Commentary
2026-06-30
16 Court Street
CIM SMA I Investments, LLC
Prospectus ID: 3
6/10/2026 - 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), vacated at the end of the 8/31/24 LXP, and a Cash Sweep was implemented. Receiver is now in-place (Michael Benjamin), and has appointed PM/leasing firm (Colliers) to take over operations. Finalizing feasibility study to determine best & highest use, which may be conversion to multifamily/residential. The Lender will dual track foreclosure/receivership proceedings while continuing discussions with Borrower until a resolution is reached.
💬 Servicer Commentary
2026-06-30
2u Headquarters
Kawa Capital Partners LLC
Prospectus ID: 7
6.5.2026: Asset Manager is in process of interviewing Sales Brokers to position this asset for Receiver sale asap. A handful of minor leasing prospects discovered that could potentially backfill nominal vacant footprint. No firm large user leasing leads have been identified. Ultimate disposition strategy will be to execute a Receiver Sale of the asset, with initial sale''s marketing expected to commence during late 2Q-2026. In addition to the BOVs received in February and March 2026 from