💬 Servicer Commentary
2026-06-29
Key Center Cleveland
Prospectus ID: 5A
The Loan remains current as of 6/1/2026. The Borrower indicated it is exploring all its options to raise new equity in anticipation of the maturity in February 2027. The Borrower submitted FF&E and capital expenditure requests which the Lender is processi ng in the normal course of business and the office tower remains 90% occupied. The Lender is also awaiting additional Property Improvement Plans for the hotel.
💬 Servicer Commentary
2026-06-29
580 Walnut Street
David B. Anderson
Prospectus ID: 12
The loan transferred into special servicing effective 1/26/26 due to Imminent Monetary Default (Balloon/Maturity Default). The subject is 255,789 SF mixed use (retail/office) property located in Cincinnati, Ohio and built in 1973 and renovated in 2016. Th e May 2026 shows occupancy at 87%, however, approximately 80% of RBA is Borrower-affiliated. Borrower executed a PNA on 3/19/26 and discussions have commenced. Following a monetary default by the Borrower, the SS commenced the exercise of remedies, i ncluding filing a motion to appoint a receiver with the court. On 3/19/26, the judge signed the receivership order appointing receiver. The receivership order was entered on 3/24/26. The Receiver will take over immediately once the bond has been posted, w hich is expected to occur the week of 4/6/26. SS is dual-tracking remedies alongside negotiations with Borrower.
💬 Servicer Commentary
2026-06-29
Portfolio (6 Retail properties)
NRFC NNN Holdings, LLC
Prospectus ID: 25
The Loan was transferred to the Special Servicer on 6/24/2025 due to Imminent Default. The Borrower failed to fund the shortfalls for the 6/1/2025 payment. The collateral consists of a 264K SF retail portfolio spanning across six properties located in Con cord and Keene, NH (3), Bloomingdale, IL (1), Wichita, KS (1), and Fort Wayne, IN (1). There are three (3) Dick's Sporting Goods stores (DSG, 74percent of NRA), one PetSmart (8 percent of NRA), and one vacant single-tenant retail building. The DSG (psly 1 8 percent of NRA) in Wichita, KS, vacated at lease expiration on 3/31/25, which reduced the portfolio cash flow and contributed to the shortfall. Based on the TTM 9/30/2025 financials, the Property reported an NOI/DSCR/Occ of $1.97MM 1.05x 82 percentr has not provided recent financials. A receiver is in place at the Ft. Wayne property. Lender continues holding discussions with the Borrower to resolve the rest of the portfolio.
💬 Servicer Commentary
2026-06-29
Summit Place Wisconsin
The Stephanie A. Janssen 2016 Revocable Trust
Prospectus ID: 16
Loan transferred to Special Servicing effective 4/10/26 and Borrower's unwillingness to cover operating shortfalls. Collateral is a 664,479 sf office property located in West Allis, WI which is approx. 71% occupied as of Dec. 2025. PNA has been signed as of 4/21/26. Loan is paid to 5/6/26. Borrower has proposed an A/B modification with an extension of maturity date; discussions are ongoing. Trust counsel is reviewing the Loan file. Updated appraisal is in process.
💬 Servicer Commentary
2026-06-29
Key Center Cleveland
Malisse J. Sinito
Prospectus ID: 5
The Loan remains current as of 6/1/2026. The Borrower indicated it is exploring all its options to raise new equity in anticipation of the maturity in February 2027. The Borrower submitted FF&E and capital expenditure requests which the Lender is processi ng in the normal course of business and the office tower remains 90% occupied. The Lender is also awaiting additional Property Improvement Plans for the hotel.
💬 Servicer Commentary
2026-06-29
Gateway I & Ii
Joseph J. Sitt
Prospectus ID: 6
The loan transferred to Special Servicing effective 11/29/2024 for monetary default as the October 2024 payment was not made. The loan collateral is two contiguous three and six-story mixed use office buildings containing a total of 99,393 rentable square feet, located within the Harlem neighborhood of New York. The improvements were built in 2001 & 2008 and most recently renovated in 2017. The property is currently 83% leased to a total of eight tenants. A Receiver order was entered by the court on 4/4/2025 and the receivership began on 4/29/2025. Most recent inspection from December 2025 reported the property to be in average condition. Strategy is to work with the Receiver to address the sizable list of operating expense payables and tenants who a re not paying rent, in addition to moving towards foreclosure.
💬 Servicer Commentary
2026-03-26
Shopko Billings
Wen-Hui Chiang
Prospectus ID: 33
The loan transferred to special servicing due to Imminent Monetary Default effective 8/11/2025. The property is a 100,800 SF retail property located in Billings MT built in 1990. The asset was 100% occupied by At Home. At Home filed Chapter 11 bankruptcy and rejected the lease for this location. At Home closed the location in August 2025 leaving the asset 0% occupied. A September 2025 site inspection found the asset in good overall condition with signs of recent neglect. A PNA was signed by Borrower in September 2025. To date, Borrower and special servicer have been unable to find a resolution to resolve the on-going default. The special servicer commenced remedies. A receiver was appointed in December 2025. The receiver has taken over the asset and hired management and leasing. The note is under contract to be sold in March 2026.
💬 Servicer Commentary
2025-07-29
Na
Prospectus ID: 1
The loan transferred to special servicing on 12/24/2019 due to imminent monetary default. The collateral consists of a 248,457 sf (8-unit) retail condo located at 229 W. 43rd Street (Times Square), The Lender was the successful bidder at the foreclosure s May 29, 2024. The Foreclosure Deed was issued in July 2024 and CBRE was engaged for property management, leasing & listing. An REO Sale process was launched in early Sept 2024 and best and final bids were submitted Nov. SS entered into a PSA with a Buyer Party with an expected closing on May 14, 2025. The Buyer Party terminated the PSA on April 30, 2025. SS will evaluate relaunching a sale process this summer or early fall 2025.
💬 Servicer Commentary
2025-07-29
Prospectus ID: 1A
The loan transferred to special servicing on 12/24/2019 due to imminent monetary default. The collateral consists of a 248,457 sf (8-unit) retail condo located at 229 W. 43rd Street (Times Square), The Lender was the successful bidder at the foreclosure s May 29, 2024. The Foreclosure Deed was issued in July 2024 and CBRE was engaged for property management, leasing & listing. An REO Sale process was launched in early Sept 2024 and best and final bids were submitted Nov. SS entered into a PSA with a Buyer Party with an expected closing on May 14, 2025. The Buyer Party terminated the PSA on April 30, 2025. SS will evaluate relaunching a sale process this summer or early fall 2025.