💬 Servicer Commentary
2026-06-30
Walgreens Williamson
Kunal Soni
6/10/2026 - The Loan was transferred to the Special Servicer on 4/11/2025 for Delinquent Payments. The collateral consists of a free standing, single-tenant building 100% occupied by Walgreens located in Williamson, NY. The improvements were built in 2003 , renovated in 2012, and consist of 14,690 SF situated on a 2.36-acre parcel with 88 parking spaces (5.99/1,000 SF). As of the YE''25 financials, the Property reported an NOI/DSCR of $142K/1.67x. Lender filed for foreclosure on 10/14/25. The motion for de fault judgment was entered into the court and the matter will go in front of a court-appointed referee.
💬 Servicer Commentary
2026-06-29
25 Jay Street
Joseph Torres
6/11/2026 - The loan transferred to Special Servicing on 10/14/21 due to non-monetary default. The loan is collateralized by 32 apartment units and 12,285 SF of retail/office space in Brooklyn, NY (DUMBO neighborhood). The Special Servicer filed for fore closure on 2/14/23. Borrower filed for bankruptcy in November 2023. Bankruptcy proceedings are ongoing, and Debtor is currently under a Cash Collateral Order. The Judge ordered mediation, which took place August/September 2024. Further court-recommended m ediation was scheduled for 6/16/2025 but was cancelled. The special servicer continues to seek confirmation of its plan of liquidation in the bankruptcy action. Disclosure statement approved in August 2025. Reinstatement discussions ongoing while bankrup tcy proceeds. Next hearing in bankruptcy case in June 2026. Updated appraisal has been finalized.
💬 Servicer Commentary
2026-06-29
Drexel Terraces
Raphael Lowenstein
The loan is 60+days delinquent. The collateral consists of a 116-unit multifamily property located just north of Hyde Park in the Bronzeville neighborhood of Chicago. The unit mix consists of 12 one-bedroom unit, 60 two-bedroom unit and 44 three-be dr oom units. Lender has requested the implementation of cash management. Lender requested an emergency receiver to be implemented. Counsel has been hired by Lender. Dual tracking foreclosure while any workout strategies
💬 Servicer Commentary
2026-06-29
Sherman Oaks First Plaza
Govind Vaghashia
The loan transferred to Special Servicing due to a non-monetary default. The loan guarantor is involved in ongoing litigation with a family member, who obtained a judgment against the guarantor. On March 17, 2026, the court entered an order assigni ng all rental income from the property to the judgment creditors. The loan is secured by a 62K SF neighborhood retail property in Sherman Oaks, California. The property was built in 1979 and consists of one two-story building and two one-story buildi ng s situated on a 2.50-acre site. The upper level of the two-story building includes an office component, representing 29% of NRA. The property also includes 140 parking spaces.The loan remains current on principal and interest payments at this time. Lender has retained counsel and is seeking the appointment of a receiver. Lender will continue to evaluate available remedies with counsel to determine the best course of action.
💬 Servicer Commentary
2026-05-28
938 East 4th Street
Plamen I. Ayvazov
5/11/2026 - Cash management was initially triggered as a result of the Borrower''s failure to deliver required financial reporting, as well as the termination of a Critical Tenant''s lease, which resulted in a loss of annual rents of $100K or more. Specia l Servicer identified additional Event of Defaults, including a potential 100% ownership transfer of the Borrower entity, as well as Nonpermitted Indebtedness by the Borrower entity. The Lender has approved terms for a reinstatement and
💬 Servicer Commentary
2026-05-28
Portfolio (3 MU properties)
Abe Cohen
5/11/2026 - The Lender continues to pursue a foreclosure strategy and partial recourse of the loan. On 8/28/2025, the Court granted an order appointing Tarantino Properties as Receiver of the Property. As of 12/31/2025, the Property was 77% occupied. On 1 /25/2026, the Lender filed its Motion for Summary Judgment. A Reply in Further Support of Summary Judgment was filed in 3/2026. Litigation is ongoing, and Lender''s counsel projects a foreclosure date in Q4 of 2026.
💬 Servicer Commentary
2026-05-28
La Quinta Inn & Suites Lubbock South
Neeta H. Patel
5/11/2026 - Loan transferred to Special Servicing on 1/8/2026 due to Borrower failing to make monthly payments stemming from November 2025 payment. PNL signed. Awaiting Borrower materials requested in said PNL as well as those addressing Borrower delinque ncies. Special Servicer anticipates dual tracking the workout of the Loan.
💬 Servicer Commentary
5/11/2026 - Loan transferred to SS on 1/24/24 due to failure to comply with Excess Cash requirements. Collateral is comprised of 2, adjacent, Class A, 21-story office towers totaling 950K SF in Richmond, VA. Occupany is 78% as of 6/30/25. Cash managemen t is in place and cash flow sweep is active. Special Servicer has engaged legal counsel; however, PNA has not been executed. Largest tenant had a lease expiration of 6/30/25 has exercised its 5 year renewal option to 6/30/30 and the lease renewal has bee n executed. Second largest tenant, which had been dark since 2022, vacated the property upon lease expiration on 8/31/25, dropping the occupancy to 63%. Receiver was appointed on 8/26/25 and has been focused on addressing capex and leasing at the proper ty. Special Servicer continues to review Lender''s rights and remedies as well as disposition options, including but not limited to, sale out of receivership.
💬 Servicer Commentary
2026-02-26
650 Madison Avenue
Vornado Realty L.P.
12/10/2025- The loan was transferred to Special Servicing on September 17, 2025, due to a payment default (waterfall shortfall not funded by the Borrower). The Borrower also formally requested the transfer at that time. A Pre-Negotiation Agreement was exe cuted with both the Borrower and Guarantor. The asset is currently 74% leased. An updated appraisal was recently completed, and the Appraisal Reduction Amount (ARA) calculation was submitted to the Master Servicer in accordance with the Trust and Servicin g Agreement. The Borrower has funded a reinstatement payment to bring the loan current, along with reserves to cover projected shortfalls over the next 12 months. In addition, the Borrower funded $1.5 million into a new leasing reserve account. With these actions completed, the Special Servicer will return the loan to the Master Servicer. No modification or workout fee will be charged in connection with this Corrected loan.
💬 Servicer Commentary
2025-12-29
2260 University Drive
Sanjay Patil
12/10/2025 - The Loan was transferred to the Special Servicer on 2/12/2024 for collateral risk/non-monetary default due to an unauthorized transfer of ownership of the Property without Lender''s consent, in addition to Borrower''s non-compliance wi th the cash management and financial reporting provisions of the Loan Documents. The collateral consists of a two-story, 24.7K SF office property in Newport Beach, CA. The Property was most recently leased to the Excelera DCE, for $32/SF with a 3/25 LXP a nd three, 3 yr renewal options. The Lease was entered into without Lender''s consent. The Property is currently vacant as of March 2025. The Loan is current on payments. The Property is under contract with an anticpated closing date by end of November 20 25. The Lender is dual tracking foreclosure action while continuing discussions with the Borrower and monitoring progress with any potential sale until a resolution is reached.