MSBAM 2016-C28 - Charts and Resources

Counsel filed a foreclosure complaint and the Borrower agreed to appointment of a receiver effective 1/18/2020. Trust Counsel and Borrower Counsel have finalized an Agreed Judgment Entry and Decree and the Court entered the Order on 3/20/2020. Noteholder is pursuing rights and remedies as appropriate. YTD through May 2025, the property achieved a 27.58% occupancy, $131.18 ADR and $36.18 RevPar. Final stages of sale process are in progress.

Latest rent roll reports occupancy at 44%. The asset transferred to Special Servicing in early 2024 due to imminent default. There is insufficient cash flow to make debt service and pay ongoing operating expenses. The property is now due for its March 1, 2025, payment. The cash flow waterfall has been amended to allow for the payment of ongoing operating expenses prior to scheduled debt service to assure ongoing operations are not impacted. Discussions on a potential modification of the debt have continu ed with borrower representatives, but foreclosure will be pursued if no resolution is forecasted.

Transfer 5/27/25 for payment default. Hello letter and PNA sent 6/6/25. The property occupancy was 80% as of 3/31/25. Legal counsel has been engaged. Borrower is non-responsive. PM has provided operating information. The property sustained damage fr om the 2024 hurricane Beryl and a $400,000+ claim is pending with a restoration company.