WFCM 2016-C35 - Charts and Resources

COVID - Loan collateral is a 104,921 sq ft mixed-use property built in 1866 (renovated in 2004) and located in Providence, RI. Borrower retained counsel and proceeded with a Civil Action in the Superior Court, State of Rhode Island for a State COVID Receivership Program. Effective 2/15/2023, a settlement agreement was entered by the court. The Borrower performed under the agreement through January 2024 but defaulted in February 2024. Receiver was appointed in May 2024. Inspection was performed i n February 2025 and reported the property to be in average condition. As of the most recent rent roll, the property is 86% leased, however a 9,000 sf tenant is dark. Strategy is to work with the Receiver to address complex issues related to the condo/tax structure and GSA tenancy in an effort to stabilize the asset.

The loan transferred to special servicing effective 5/29/2020 for imminent monetary default. The 356-room hotel in Overland Park, KS was built in 1982 and renovated in 2016. The hotel was inspected on 8/7/2024 and found to be in good condition. A Receiver was appointed on 10/30/2020 with Hilton continuing property management per the HMA and SNDA. A foreclosure sale occurred in November 2021. Title was received in January 2022. The special servicer is working to stabilize the asset. TTM April 2025 indicates 46.3% occupancy, $144.04 ADR, and $66.72 RevPAR (compares to 39.1%, $140.77 and $55.06 for TTM April 2024). TTM April 2025 RevPAR Index of 84.0 compares to 73.5 TTM 2024 and 91.0 TTM 2023. The trailing three-month RevPAR Index changed year-over-year from 78.2 in 2024 to 80.2 in 2025.

The loan transferred to special servicing effective 9/18/2024 for imminent monetary default. The 116-room hotel in Lima, OH was built in 2009. The Borrower expressed its desire to turn the hotel back over to the Lender and a Receiver was appointed on 12/2/2024. The special servicer is pursuing foreclosure. The hotel was inspected on 11/15/2024 and found to be in good condition. TTM April 2025 indicates 54.6% occupancy, $95.10 ADR, and $51.93 RevPAR (compares to 59.4%, $105.16 and $62.51 for TTM April 2024). TTM April 2025 RevPAR Index of 76.5 compares to 96.8 TTM 2024 and 94.4 TTM 2023. The trailing three-month RevPAR Index changed year-over-year from 85.4 in 2024 to 66.1 in 2025.

The collateral property was previously a 329,398 SF enclosed mall constructed in 2006 and located in Jonesboro, AR. The mall collateral was largely destroyed by a tornado on 3/28/2020. The non-collateral anchors (Dillards/JCP/Target) received far less damage and reopened in 2020. The majority of the mall collateral has been demolished after being condemned. The borrower has been cooperative in turning over information and access but is not willing to rebuild the property and carry the loan. A settlement was agreed under which the Trust took title to the property on 12/14/2022 and received substantial insurance proceeds. The special servicer completed the required site work per agreements with non-collateral anchors. Ultimate resoluti on via an REO sale is expected to occur in Q3 2025.