GSMS 2017-GS8 - Charts and Resources

Subject is a $940,000,000 note that is secured by a senior lien against a 47-story, 1,596,521 square foot, Class A multi-tenant office property located at 825 Eight Avenue in New York City. Note is due for the April 6, 2025 payment and matures on No vember 6, 2027. Collateral also includes 252,107 square feet of amenity space (restaurant and retail tenants). Capital stack includes mezzanine debt. The Cravath law firm lease expired on August 31, 2024 and the tenant vacated the collateral at said time. The Borrower does not have a replacement tenant. The loss of this tenant causes operating shortfalls for the September 2024 and subsequent waterfalls. Note was transferred to the special servicer on September 13, 2024 due to imminent default. Nomura, a current tenant, has an early termination option date on July 1, 2025. Legal counsel has been engaged and a PNA agreement has been executed with the Borrower. Default notices were sent to the mezzanine lenders and they have not responded within the required 30-day window. Loan was therefore modified to utilize loan reserves to fund shortfalls in the monthly operating expenses and debt service waterfall through the senior secured debt. Borrower is in negotiations with Nomura f or the extension of their lease. Nomura is also working with a landlord at a second location. Borrower has started negotiations for the restructuring of the note with the Special Servicer

Complaint for foreclosure and appointment of receiver was filed on 2/14/25; litigation is ongoing and obligor responses are due 4/18/25.