GSMS 2021-GSA3 – Deal Overview & Connected Data

Asset transferred to SS on 6/10/22 due to Imminent Monetary Default due to a notice issued by the city of San Diego. The notice issued by the City resulted in many of the SRO tenants vacating the building. The SS moved for an emergency motion for a receiv er. Borrower filed bankruptcy on 6/28. The court dismissed the BK and on 8/11/2022, the court granted a receiver order appointing Trigild as the receiver. The receiver successfully completed an eviction of all SRO tenants due to the unsafe condition of th e property and in accordance with the City of San Diego's order to vacate. An ASR was approved authorizing the marketing of the asset for sale through the receivership with brokerage firm Kidder Mathews. The property was placed under a sale contract by th e receiver which contemplated an assumption of the loan to the third-party buyer. The receiver's motion to sell the asset was approved by the court on 8/22/23, the buyer terminated the sales contract. Lender elected to proceed toward a foreclosure sale of the Property. The foreclosure sale occurred on 8/19/2024. The Special Servicer is working with a local brokerage firm to sell the REO Property. The marketing process yielded several offers to purchase the REO Property, however the purchaser did not close . The property is scheduled to be auctioned on RealInsight Marketplace to ensure a successful sale of the REO property.