K-Star Asset Management - Special Servicer
With a focus on asset optimization, K-Star offers tailored servicing solutions to maximize value for investors. We are tracking 38 CMBS deals from this servicer's portfolio.
Servicer Metrics
Key performance indicators and workout statistics for K-Star Asset Management.Workout Statistics
Current Status
Recent Commentary
Special servicers provide regular updates on troubled loans through SEC filings, offering valuable insights into workout strategies and asset performance. Below are recent comments from K-Star Asset Management, highlighting their approach to managing distressed CMBS assets.4/11/2025 - The Loan transferred to special servicing effective 2/18/2025 due to payment default. The loan is currently due for the 12/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges) have not been paid. The loan is s ecured by a mixed-use building in Brooklyn, NY containing both retail (2) and multifamily (3) units. Legal counsel has been engaged. Special Servicer evaluating available rights and remedies. Appraisal has been ordered.
4/11/2025 - The Loan transferred to special servicing effective 2/13/2025 due to payment default. The loan is currently due for the 12/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges) have not been paid. The loan is secured by an 8-unit multifamily property (with one retail unit) in Philadelphia, PA. Legal counsel has been engaged. Special Servicer evaluating available rights and remedies. Updated appraisal has been ordered.
4/11/2025 - The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is currently due for the 9/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges) have not been paid. The loan is secured by a mixed-use building in Brooklyn, NY containing both retail (4) and multifamily (4) units. Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formally demanded and accelerated. Foreclosure complaint filed in Q4 2024. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
4/11/2025 - Loan transferred to Special Servicing effective 1/28/25 due to payment default as the loan was due for the 11/6/24 payment. The collateral is comprised of 3 Class B multifamily properties built in 1973 and renovated 2019-2022 in Bridgman, MI, a small beachside community. Borrower sent a partial payment in February and has expressed interest in reinstating the loan. Local counsel has been engaged. Special Servicer is dual tracking foreclosure while continuing
4/11/2025 - Loan transferred to Special Servicing effective 2/7/25 due to cross-default with another Loan, Chicago Business Center which transferred for payment default. Hello Letter and PNA were noticed. Collateral consists of a 110k SF multi- tenant industrial distribution building. The asset is 100% occupied as of 12/31/23. Appraisal has been ordered. Loan is paid through 1/6/2025.
4/11/2025 - Loan transferred to Special Servicing effective 2/6/25 due to payment default. Hello Letter and PNA were noticed. Collateral consists of a 672k SF multi-tenant industrial distribution building. Loan is paid through 9/6/2024. Appraisal h
The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is secured by a 15-unit multifamily property in the Park Slope neighborhood of Brooklyn, NY. The loan is currently due for the 8/6/2024 payment. Other amounts (i ncluding costs/expenses/default interest/late charges) have not been paid. Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formally demanded and acceler ated. Foreclosure complaint filed December 2024. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
Loan transferred to SS on 1/31/2024 as a result of Monetary Default. The Loan is secured by a 100 key limited-service hotel located in Hesperia, CA. Legal counsel was engaged and the notice of default was sent. The Loan is performing pursuant to theterms of the executed Reinstatement Agreement. Borrower marketed the hotel for sale and executed a PSA with a party that would also assume the debt. SS is monitoring the loan in anticipation of returning this loan to the
The Loan transferred to special servicing effective 2/7/2024 due to payment default. The loan is currently due for the 9/6/2024 payment. Other amounts (including costs/expenses/default interest/late charges)) have not been paid. The loan is secured by a f ive-building multifamily portfolio in Philadelphia, PA totaling 28-units (and one retail space). Special Servicer was seeking to resume reinstatement discussions, though the loan has remained delinquent. Legal counsel has been engaged and the debt formall y demanded and accelerated. Foreclosure filed January 2025. Special Servicer continuing to evaluate available rights and remedies. Updated appraisal is being finalized.
The Loan transferred to new special servicer effective 4/27/23; SS transfer date 12/28/22 due to payment default. Current financial reporting has been requested but not received. Interest paid to 10/6/22. Collateral consists of a 55k SF industrial warehouse in Boonton, NJ. Foreclosure complaint filed 3/10/23 to which Borrower did not respond. Receiver appointed late November 2023 and has assumed control of the asset (including collection of rents). Special Servicer pursuing entry of default judgment against Borrower by the court in the foreclosure action. Borrower expressed an interest in reinstating the loan, though discussions have stalled. A casualty loss occurred at the property (fire) in Q4 2024. Repair/Remediation work is ongoing with the receiver overseeing the process. Updated appraisal is being finalized.
* Commentary dates (asof) represent when the special servicer made the comment.
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CMBS Special Servicing Commentary
Special servicing commentary extracted from sec.gov Form 10-D filing servicer reports.