KeyBank National Association - Special Servicer
With a strong presence in commercial real estate finance, KeyBank provides specialized servicing solutions to meet the needs of CMBS investors. Tracking 19 CMBS deals.
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 KeyBank National Association, highlighting their approach to managing distressed CMBS assets.Loan transferred to Special Servicing on 11/1/2024 due to payment default. Loan is collateralized by a 218,283 SF office property located in Cherry Hill, NJ. As of 9/30/2024, the property was 77.20% occupied. A PNA has been sent to the Borrower, Borrower has yet to execute. A proposal has been received from the Borrower.
The loan transferred to Special Servicing effective 3/12/2024, due to payment default. The subject properties, 1 Plaza La Prensa & Sena Plaza, consists of a 52,253 SF office property and a 23,167 SF retail property, both located at Santa Fee,
3/11/2025 The Loan transferred to SS for Delinquent Payments on 06/06/2024. The collateral consists of a 56-unit multifamily property with 6 commercial units across two 5-story buildings in Queen, NY. The Property was built in 1920 and reported 12 rent stabilized units with the remaining 44 units at market. The Property is 98% occupied and reported a YE 2023 NOI/DSCR of $1.3MM/1.37x. Legal counsel has been engaged. The Lender is dual tracking foreclosure/receivership
3/11/2025 The Property is a 110-key select service hotel built in 2016 and located in Lake Charles, LA, located along interstate 10 midway between Houston and New Orleans, just north of the Gulf of Mexico. The Loan transferred SS on 11-7- 2023 for imminent default. The Property has been closed since Q3 2022 due to structural concerns that were exacerbated by two previous hurricanes impacting the Property prior to securitization. Counsel has been engaged and discussions with Borrower are ongoing. Borrower is looking to settle with the contractors insurance as a result of the construction defects. Borrower's counsel has arrived at a settlement. Borrower has remitted settlement proceeds. Borrower has engaged a demolition expert who is proceeding todemolish the property. Demolition expert has commenced the demolition of the hotel. Borrower will commence the marketing process once the hotel has been demolished as required by the City.
Loan has recently transferred to SS, we are attempting to reach out to the borrower(s). PNL and Hello letter sent 2/26/2025. Awaiting execution and response from Borrower.
Borrower filed chapter 11 bankruptcy on 6/26/24 and the case is ongoing. Borrower and Lender continue to negotiate potential settlement terms.
The Loan was transferred to Special Servicing on November 29, 2023, due to Imminent Monetary Default. The Special Servicer has reached out to the Borrower and executed a pre-negotiation agreement. The Special Servicer and Borrower are
Loan transferred on 03/21/24 due to Imminent Monetary Default. The loan is not currently in default. Due to key tenant departures, the Borrower requested a transfer to the Special Servicer to discuss a loan modification. SS, Borrower and Mezzanine are now working to document a loan modification based on terms approved by senior lender.
Loan transferred to Special Servicing effective 2/24/25 due to imminent default. Hello Letter was noticed and PNA has been executed. Collateral consists of a 65 mixed-service hotels, totaling 6,366 keys. Loan is paid through 2/1/2025. Servicer is
The Loan transferred to the Special Servicer on 6/6/23 due to 4/6/23 payment default. The Loan is secured by Arlington Green Executive Plaza, a 62,835 SF multi-tenant office building in Arlington Heights, IL, built in 1984 and Renovated in 1996. Tenants include various medical practices, such as a psychiatry clinic, urology clinic, and dental practice, and are reportedly 77% occupied as of February 2023. Loan proceeds of $9MM ($143/SF) were to facilitate the acquisition of the asset fora purchase price of $14.4MM ($229/SF). Notice(s) of Default were sent to Borrower and Demand for Financial Reporting, as current financials are pending. In furtherance of the Lender’s Notice of Trigger Period dated 6/8/23, a Demand to Deposit Revenue into the Restricted Account to Establish CMA was issued demanding compliance. A motion for appointment of Receiver was granted by the court on 10/23/23 in favor of Lender. The Receiver is currently overseeing the asset. Foreclosure Judgment was entered by the court on 11/19/24. A foreclosure sale occurred on 2/26/25 and Plaintiff was the successful bidder. The court will require a confirmation of sale hearing to occur by end of March / early April. Once the sale is confirmed, the confirmation order will direct an issuance of a deed. The Special Servicer will gather additional information and simultaneously discuss workout strategies deemed appropriate to achieve the highest net
* 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.