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 built 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

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 current on payments. The collateral 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), is set to vacate at the end of the 8/31/24 LXP, and a Cash Sweep is now fully implemented. The Borrower is seeking a Loan Modification. The Lender will continue to gather information from the Borrower while reserving all rights under the Loan

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 , 25 mioutside 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. The Lender will continue discussions with the Borrower while

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 assumed and amended pursuant to the BK plan at a reduced base rent of $28.57/SF through 12/31/2033 (approved by LNR 4/1/2024). As part of the amendment, Borrower also agreed to a 50% abatement of base rent for four (4) months beginning on the effective date of the confirmed Chapter 11 reorganization plan. Hard lockbox is in place. Since 10/6/2024 no payments have been remitted to the CMA account and the loan is 90+ days delinquent.