Midland Loan Services - Special Servicer
Providing comprehensive servicing solutions, Midland specializes in managing CMBS portfolios and maximizing asset value. We are tracking 90 CMBS deals from this servicer's portfolio.
Servicer Metrics
Key performance indicators and workout statistics for Midland Loan Services.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 Midland Loan Services, highlighting their approach to managing distressed CMBS assets.Borrower indicated it has raised new equity for the property which is expected to fund in Q1 2025. Special Servicer continues to monitor the loan and collateral as well as review any Borrower requests that come in. Special Servicer continues to monitor the pending capex-leasing funding, which remains outstanding as of 4/30/2025. Borrower has negotiated an extension of TI obligations with tenant, Benesch. Current property occupancy is 89.5%.
5/12/2025- REO Title Date:5/9/2023: The collateral is a 39,619 SF two-story, mixed-use property built in 2007 in Montgomery, OH (14mi NE of CBD Cincinnati). The Property is comprised of four ground-floor retail tenants totaling 19,477 SF and eight second- floor office tenants totaling 20,376 SF. In addition, there is a 90-space parking garage under the building As of 4/30/25, the building is 63.5% leased but only 32% occupied; restuarant tenant has closed and stop paying rent. Crossed with or is companion: N.A Deferred Maintenance/Repair Issues: Parking garage has been cleaned and repainted. Marketing: The Property is currently not being marketed for sale.
5/12/2025 - Loan transferred SS on 5/18/23 for imminent default due to cash flow issues. Borrower has stopped funding shortfalls. Lender filed foreclosure and will continue to discuss alternatives with Borrower.
5/12/2025- Loan transferred to special servicing effective 11/20/24 due to Monetary Default. SS and Borrower documented a reinstatement agreement at the end of February and is pending a return to MS. Borrower agreed to bring the loan current and setup cash management, which is in place for the succeeding 12 months following reinstatement.
5/12/2025- Loan transferred to the Special Servicer on 8/26/2024 due to various ongoing defaults (Guarantor voluntary Bankruptcy Ch 11 filing and a Sequestrator appointed in favor of Shin Da Enterprises at the Property). Collateral consists of a 9-story, 95-unit (incl. 3 units leased to SoSuite Inc. for short-term rentals), multifamily complex located in the Callowhill submarket of Philadelphia. NOI/DSCR/Occ/DY: 3Q23 $1.31MM/0.83x/82%/4.8%. Updated financials are pending receipt. A Notice of Default and R eservation of Rights were sent. The Lender filed its Motion to Intervene and Proof of Claim regarding the various litigation. The Special Servicer will gather additional information and simultaneously discuss workout strategies deemed appropriate to achie ve the highest net present value recovery.
5/12/2025 - The loan transferred to Special Servicing due to payment default. The Special Servicer is in active discussions with the borrower to bring the loan current while evaluating all potential resolutions to maximize recovery to the trust.
5/12/2025 - Loan transferred to SS on 5/7/2024 due to payment default and is next due for 3/6/2024. Loan is secured by 228-unit multifamily property in Memphis, TN. Receiver put in place on 7/30/2024. As of 3/1/2025 the property was 13.60%
5/12/2025 - Loan was transferred to Special Servicing on 2/12/2025 due to a payment default. Special Servicer has reached out to both the Borrower and Mezzanine Lender of the default and is working with both parties to find a resolution.
5/12/2025 - Loan transferred SS on 3/12/2025 for monetary default. Previously the Loan transferred NT on 12/12/2024 for failure to implement the cash flow sweep triggered by the sole tenant being dark. Citi provided a $5,100,000 ($378 PSF) loan for the ca sh-in refinance of 2679 Redondo, a newly renovated 13,564 SF single-tenant medical office building located in Long Beach, CA. The Sponsors, Hooman Nissani & Sharon Golshan purchased the property in 2015. The property was originally a car dealership, w hich was operated by the Sponsors’ prior automotive business. The property was gut renovated and converted into medical office The subject property is 100% leased to LAVI Spine & Orthopedic Medical Center (a well-known orthopedic & spine surgeon with four locations in in Southern California) until March 21, 2031. 100% of the space is listed for sublease on co-star and the PI confirms the tenant is dark. There are no termination options in the
5/12/2025 - The loan transferred to special servicing due to a borrower-declared imminent monetary default. Borrower has signed a pre-negotiation letter and submitted a loan modification request, however, no terms have been agreed upon. A receiver was app ointed to manage the property on 9/21/2023. Receiver engaged an affiliate to market the property for sale and a call for offers occurred on 11/22/2024, however, no acceptable offers were submitted. Lender is evaluating the loan
* Commentary dates (asof) represent when the special servicer made the comment.
* For full disclosures, please visit our disclosures page.
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CMBS Special Servicing Commentary
Special servicing commentary extracted from sec.gov Form 10-D filing servicer reports.