Greystone Servicing Company - Special Servicer

The Loan transferred to Special Servicing on 07/24/2024 for imminent monetary default. A Hello Letter and Pre-Negotiation Letter have been sent to the Borrower. An introductory call has been held. Borrower has signed the PNL and has submitted a proposal for review. Special Servicer is currently evaluating the Borrower's proposal.

Loan transferred to special servicing due to a Borrower declared imminent monetary default. Borrower cooperated with SS and transitioned title to the Lender. Foreclosure took place on10/26/2023. SS engaged Newmark as property manager on the asset upon foreclosure. Newmark has been engage to market the subject for sale/lease as well. The marketing efforts have been attracting a variety of investors within the office sector, owner users looking for space, and self-storage investors. SS expects a self-storage developer to purchase the building with an expected closing in Q4 2025. San Francisco market continues to see significant challenges as vacancy continues to be north of 30%. The subject property's location and the significant amount of vacancy throughout SFO have been the biggest challenges associated with finding new tenants.

Loan secured by 34-unit, low-rise apartment pool spread across 3 blds in Brooklyn & Manhattan. Brooklyn w/ 4 units was built before 1988 & reno in 2020. Manhattan property, w/ 30 units, was built in 1900 & reno in 2020. Addtly, 3 retail suites w/ 3,450 sf on ground & lower levels. Blds are walk-ups, 3 to 6 stories. An updated appraisal has been ordered & in process exp soon, updated financials & rent roll have been received. 3rd party site inspection done 12/27/24 w/ 21-23 Catherine found to bein good con d (no def maint.) & 26 Park in good cond (w/ no sig def maint) noted. Due to missed pmts, loan transferred to Special Servicer Sep 2024 after defaults in July, August, & September. Special Servicer initiated contact w/ the Borrower, received a cost-to-cur e calculation from Master Servicer, & sent a NOD and hello letter to the Borrower & Gnty. Special Servicer also funded the latest property insurance premiums from the remaining insurance escrow & advanced for prop taxes. Also requested docs on code violat ions & required repairs, but the info provided so far has been insufficient. Outside counsel retained, & the Asset Manager initially began dual-track negotiations w/ the foreclosure process after executing a PNA. Foreclosure docs were then prepared by counsel & filed & then filed for receivership now granted. Borrower provided rent roll & operating statement as of Nov 30, 2024, T-11 annualized, show 94% occ and NOI of $801,621.