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A $420 million CMBS loan backed by the 893,000-square-foot office tower at 51 West 52nd Street will exit special servicing after Harbor Group closed a negotiated extension.
Morningstar reported occupancy fell from 99% to 86% and cash flow dropped 37% below underwritten levels, though a source close to the deal says the building is now fully leased.
Harbor Group bought the Midtown tower from ViacomCBS for $760 million in 2021, the largest investment sale that year, and has since invested $150 million in upgrades.
A $420 million CMBS loan backed by 51 West 52nd Street, a 38-story, 893,000-square-foot Midtown office tower, will exit special servicing after sponsor Harbor Group International closed a negotiated loan extension, according to Commercial Observer. The loan, which backs the single-asset, single-borrower DBGS 2021-W52 deal, was transferred to special servicing ahead of its October 2026 maturity even though it still carried a 12-month extension option, per an alert from Morningstar Credit ******* ytics.
#group #extension
A $420 million CMBS loan backed by the 893,000-square-foot office tower at 51 West 52nd Street will exit special servicing after Harbor Group closed a negotiated extension.
Morningstar reported occupancy fell from 99% to 86% and cash flow dropped 37% below underwritten levels, though a source close to the deal says the building is now fully leased.
Harbor Group bought the Midtown tower from ViacomCBS for $760 million in 2021, the largest investment sale that year, and has since invested $150 million in upgrades.
A $420 million CMBS loan backed by 51 West 52nd Street, a 38-story, 893,000-square-foot Midtown office tower, will exit special servicing after sponsor Harbor Group International closed a negotiated loan extension, according to Commercial Observer. The loan, which backs the single-asset, single-borrower DBGS 2021-W52 deal, was transferred to special servicing ahead of its October 2026 maturity even though it still carried a 12-month extension option, per an alert from Morningstar Credit ******* ytics.
#group #extension
2 months ago
