National Cooperative Bank, N.A. - Special Servicer
With a focus on cooperative housing financing, NCB provides specialized servicing tailored to the unique needs of cooperative borrowers. We are tracking 46 CMBS deals from this servicer's portfolio.
Servicer Metrics
Key performance indicators and workout statistics for National Cooperative Bank, N.A..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 National Cooperative Bank, N.A., highlighting their approach to managing distressed CMBS assets.The loan transferred to Special Servicing effective 9/30/2024 for imminent maturity default. The loan matures on 9/1/2025. The subject is a 177,188 SF, best-in-class, 12-story office tower located in downtown Albany, NY and was built in 2004. As of May 20 25, the Property was 78% leased. Borrower is negotiating a lease with a law firm to take either a half floor or an entire floor of vacancy. A site inspection was completed in November 2024 and noted the Property is in good condition with no observed defer red maintenance. Borrower and Lender closed on a Loan Modification on 4/10/2025 with a 4/6/2025 Effective Date that extends the Maturity Date from 9/1/2025 to 9/1/2026 in exchange for an upfront equity contribution to be used towards future TI/LC. Lender is currently working with the Master Servicer to board the modification.
A fire, affecting 32 of 186 units, occurred on 3/20/2023. The Borrower did not inform the MS of the fire loss timely and also entered into a service contract for insurance rehabilitation, which was noted to be severely deficient.
The Loan transferred to Special Servicing on 11/30/2023. Counsel engaged. SS is pursuing CMA implementation while negotiating potential settlement agreements. Borrower entered into a modification agreement. Special Servicer is monitoring
DIL in May 2023. Pyramid Group is in as property manager and leasing agent. REO secured a 7-year renewal with Tops Grocer and an amendment to extend Family Dollar 5 years. Property is actively being marketed. A closed sale is expected
The loan transferred to Special Servicing on 12/10/24 due to a non-monetary payment default. Borrower has not signed the PNL. Borrower intends to sell or refinance the collateral properties and payoff the loan by its maturity.
Special Servicer is in communication with Borrower's representatives, and is evaluating the Loan and collateral in order to determine the appropriate next steps for the Loan. The Loan is current on debt service payments, and cash management is active. A Receiver has been appointed to control the collateral as of May 2025.
The loan transferred to Special Servicing for imminent monetary default. Special Servicer has reached out to the Borrower with a PNL and hello letter.
Loan transferred for Monetary Default as a result of the Covid-19 pandemic. Collateral was foreclosed on 12/30/21. Mid-America is the Property Management company. Disposition of 2 of 5 properties occurred in October 2023. Remaining 3 remaining properties are under contract with expected closing date of December 19, 2024.
REO Title Date: 10/4/2022. The Property is comprised of two parcels of land that is approx. 9.13 acres in size. The Property is designed and used for multi-tenant office and retail purposes. One Corporate Plaza consists of a 6-story office building and a two-level parking garage that were constructed in 1984. Two Corporate Plaza consists of an 8-story office building, one-story retail building and one 3-level parking garage that were constructed in 1989. The Property is located in the Clear akes market of Houston. Crossed with or Companion Loan: Pari Passu loan in WFCM 2016-C36. Deferred Maintenance: Most deferred maintenance issues have been addressed or are in the process of being completed, including fire panel replacement, partial roof replacement and elevator modernization. All chillers have been replaced by the Receiver before the REO title date. Common areas updates are almost complete. Leasing Summary: Approx. six lease renewals have been completed with an aggregate of 28,753 SF. Three new leases with an aggregate of 22K SF have been completed. Marketing Summary: The property is currently not listed for sale.
Loan transferred to SS on 6/28/2024 for imminent default due to Borrower's failure to complete the required PIP work by May 1, 2024. Lender previously extended Borrower relief for CoVID-19 related impact and then a forbearance agreement. Subject is a 97-key full-service branded Holiday Inn and Suites in Beaufort, SC. Lender continue to dual track forbearance discussions with Borrower and discuss/review PIP progress.
* 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.