Greystone Servicing Company - Special Servicer

SS Transfer April 2020 (COVID). Borrower does not wish to continue ownership and engaged a broker to sell the hotel. The property was marketed in late 2024 but the marketing efforts were halted at the broker's recommendation due to uncertainty surr ounding proposed union labor laws in New York City. The marketing efforts were re-started in January 2025. As of May 2025, a buyer is being considered with negotiations underway. Monthly P&I payments are current. Most recent STR for March 2025 indicates the property is operating at a 59.6% occupancy, $156.79 ADR, $93.51 RevPAR and a $5.28mm NOI based on Feb 2025 TTM.

The loan was transferred to Special Servicing (SS) following the Borrower's declaration of imminent monetary default. The Borrower cooperated with SS and transitioned the title to the Lender on October 26, 2023. Upon foreclosure, SS engaged Newmark as the property manager for the asset. Newmark was also retained to lead the marketing efforts for both sale and lease opportunities.Marketing has attracted interest from a range of parties, including office-sector investors, owner- users seeking space, and self-storage investors aiming to reposition the asset. The property's location near the I-80 on-ramp and ample exterior parking make it particularly attractive for self-storage conversion.

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. Borrower has signed the PNL. Borrower's initial modification proposal rejected.

Counsel filed a foreclosure complaint and the Borrower agreed to appointment of a receiver effective 1/18/2020. Trust Counsel and Borrower Counsel have finalized an Agreed Judgment Entry and Decree and the Court entered the Order on 3/20/2020. Noteholder is pursuing rights and remedies as appropriate. YTD through Feb 2025, the property achieved a 39.4% occupancy, $156.90 ADR and $61.88 RevPar. Final stages of sale process are in progress.

Transfer 5/27/25 for payment default. Hello letter and PNA sent 6/6/25. The property occupancy was 80% as of 3/31/25. Legal counsel has been engaged.

The asset transferred to Special Servicing in early 2024 due to imminent default. Latest rent roll reports occupancy at 44% with recent tenant departures and insufficient cash flow to make debt service and pay ongoing operating expenses. The property had enough cash flow to make its February 1, 2025, payment and is now due for its March 1, 2025, payment. The cash flow waterfall has been amended to allow for the payment of ongoing operating expenses prior to scheduled debt service to assure ongoing operations are not impacted. Discussions on a potential modification of the debt have continued with borrower representatives, but foreclosure will be pursued if no resolution is forecasted.

Year-end financial statements were received from the receiver on 4/9/2025. Occupancy was reported at 96.67% with NCF DSCR at 2.45x.

Year-end financial statements were received from the receiver on 4/9/2025. Occupancy was reported at 95% with NCF DSCR at 1.77x.

"5/12/2025 - The Loan transferred to Special Servicing on 11/22/2024. Special Servicer has entered into Pre-Negotiation Letters with the borrower and with all four mezzanine lenders. We have received a workout proposal from borrower and are negotiating. Also, all of the mezzanines have expressed an interest in negotiating cure scenarios. Are trapping property cashflows to keep all mortgage notes current. Are not making any of the mezzanine''s payments, they are all due for December 2024.

"5/12/2025 - The Loan transferred to Special Servicing on 11/22/2024. Special Servicer has entered into Pre-Negotiation Letters with the borrower and with all four mezzanine lenders. We have received a workout proposal from borrower and are negotiating. Also, all of the mezzanines have expressed an interest in negotiating cure scenarios. Are trapping property cashflows to keep all mortgage notes current. Are not making any of the mezzanine''s payments, they are all due for December 2024.