CRED iQ’s WAR (Weekly Asset Review) Report

CRED iQ's Weekly review of certain assets that present a near-term opportunity.

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In this week’s WAR Report, CRED iQ showcases distressed opportunities in Tampa, NYC, and Houston. See the highlights of the report below, which contains loan, property, tenant, and valuation data.

Asset #1:  29,415-SF CBD Retail – Lower Manhattan, NY

CRED iQ: Loan transferred to Special Servicing on 11/12/2020 due to payment default. Loan is currently past due for its September 2020 monthly payment. Subject property is a two-level (ground & lower) retail condo, located in New York, NY at the base of The Atrium, a 190-unit multifamily building. Borrower has indicated several tenants remain delinquent due to the effects of COVID-19 on their business, namely the property’s largest tenant Le Poisson Rouge (13,623 SF, 46% NRA, exp 9/30/2027). Servicer advances total $606,177 as of December 2020.  Access full loan, financial, borrower contact, and lender details here:  cred-iq.com

Asset #2:  120,543-SF Suburban Office – Tampa MSA 

CRED iQ:  The borrower delivered written notice of inability to pay the loan payments and offered up a deed-in-lieu. The previous modification provided for the Borrower to consent to the receiver. HSBC left the property in June 2018. Property has an environmental issue tied to a leak in the elevator shaft. The Receivership order was filed and signed a day later by the judge. The Receiver is in place and managing the property. JLL was chosen to handle the leasing. Evaluating lease up and sell vs sale as is. Have received some interest regarding lease up and note buyers..  Access full loan, financial, borrower contact, and lender details, by clicking here:  cred-iq.com

Asset #3:  179,469-SF Anchored Retail – Houston MSA

CRED iQ:  The loan is secured by a 179,469 SF anchored retail property.  The property is anchored by Best Buy, Marshalls and Big Lots. The property is also anchored by Target, which is not part of the collateral.  The property was built in 1994 and renovated in 2011.

Occupancy has declined from 80.11% at Year-end 2019 to 58.20% as of Sept. 2020 due to Best Buy occupying 31,522 SF (34.28% GLA) vacating upon lease end in March 2020.  The loan transferred to the special servicer in November 2020 for imminent monetary default. 

Access full loan, financial, borrower contact, and lender details here :  cred-iq.com.

About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform designed to help industry professionals unlock investment, leasing, and lending opportunities. For a free trial and access to our loan-level database, register here.

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