WFCM 2017-C42 - Charts and Resources

This Loan transferred to the Special Servicer for Delinquent Payments as the Loan is due for the 2/1/2024 payment. Collateral consists of two MHC communities located 1/2 mile apart in Plattsburgh, New York. The Property has 107 pads which were buil t in 1970. Scott Tross from Herrick has been assigned as Local Counsel. Borrower wishes to return the Property to Lender. Lender has begun the foreclosure process and filed on 8/27/2024. A stipulated foreclosure complaint was filed on 1/24/2025 and the s ale is scheduled for 7/29/25. Mark Kassab of M. Shapiro Management is the named Receiver.

The Loan transferred to the Special Servicer (SS) on 02/04/2025 due to sole tenant filing for BK. The collateral consists of a freestanding retail property totaling 14,450 SF, formerly occupied by Rite Aid. The Property is located in Long Beach, CA , 25mi outside of downtown Los Angeles. Subsequent to Rite Aid filing for bankruptcy, the Tenant closed operations at the subject Property on 12/31/23 and ceased rent payments that same day. Since the Tenant vacated, the Borrower has kept the Loan current until Feb 2025. The Property is now vacant and the Loan is past due for the February 2025 payment. The Borrower has listed the Property for sale and Property is under contract to be sold. The Lender will continue discussions

The Loan was transferred to the Special Servicer on 8/1/2024 for Imminent Default as the Borrower notified the Lender they would be unable to service the Debt Service due to tenancy issues. The Loan is now in default for delinquent payments. The c ollateral consists of a 36-story, 325,510 SF, Class A, multi-tenant office tower built/renovated in 1928/2014, and located in Brooklyn, New York ('Property'). The largest tenant, City University of New York ('CUNY') (47,162 SF, 15% NRA, 18% PGI), vacated at the end of the 8/31/24 LXP, and a Cash Sweep is now fully implemented. The Lender will dual track foreclosure/receivership proceedings while continuing discussions with Borrower until a resolution is reached.

The Property was originally 100% occupied by Rite Aid with a 20-year lease at a base rent of $35.72/SF through 1/31/2028. Rite Aid filed for Bankruptcy on 10/15/2023 and the subject Lease was ultimately rejected. Tenant surrendered the premises and vacated the Property 9/2024. Borrower filed a POC of $4MM and has been actively marketing the space. Hard lockbox is in place, reserve funds applied to cover P&I through March. Borrower has been unresponsive and Lender is proceeding with FC. Receivership proposals were obtained & Stage I was approved 5/9/2025.