JEMB Realty Denied COVID Relief for 75 Broad Street
The landlord requested a six-month forbearance
By Cathy Cunningham April 15, 2020 11:00 am
reprints
JEMB Realty requested COVID-19 relief for its office property at 75 Broad Street and was denied, according to servicer watchlist notes provided by Trepp.
The landlord requested a six-month forbearance for loan payments on the 671,366-square-foot asset, which sits between Beaver and William Streets in the Financial District.
The $250 million CMBS loan on the asset was originated by Natixis in April 2017, as previously reported by CO. Keybank (KEY) is both the master servicer and special servicer.
JEMB “has expressed a need for relief due to the COVID-19 crisis, which was referred to the special servicer. Borrower requested a six-month forbearance beginning with the April payment. Special servicer reviewed the request and determined the borrower still had the cash flow to continue to make debt service payments,” the watchlist notes read. “If the borrower receives further tenant rent-relief requests and shows a decrease in cash flow then the special servicer will review the request again.”
The property currently backs several pieces of CMBS debt. The $59 million AA1 and $84 million AB pieces are behind the NCMS 2017-75B deal — both were added to the servicer watchlist this month — and a $33 million AA2 slice represents 3.5 percent of the UBSCM 2017-C1 transaction.
JEMB Realty acquired the 34-story property in 1999. In 2017, the firm undertook a sweeping renovation of the property, transforming it into a high-tech office building. Upgrades included renovations of the main lobby, common areas and elevator lobbies.
In addition to a diversified office tenant roster, a Duane Reade store and Wells Fargo branch occupy the 14, 626-square-foot retail space at 75 Broad Street.
Officials at JEMB Realty declined to comment.
