Mortgage Observer

Lever House Loan Goes to Special Servicer

Lever House at 390 Park Avenue.

A $98.8 million CMBS loan on 390 Park Avenue, owned by RFR Holding, has been sent to special servicing with the note facing imminent maturity default, according to a Trepp report based on recent servicer data. CWCapital Asset Management is listed as the special servicer.

The news comes despite the fact that the 234,240-square-foot building known as Lever House is 96 percent occupied with its debt service coverage ratio at 1.33x, the property’s latest financials show. Read More