RFR’s $180M CMBS Loan on 17 State Street Sent to Special Servicer
By Mark Hallum August 19, 2024 2:11 pm
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RFR Holding’s bad month isn’t getting any better.
This time, Aby Rosen and Michael Fuchs’ $180 million commercial mortgage-backed securities loan tied to 17 State Street has been sent to its special servicer after RFR failed to pay up in August, according to Morningstar data.
The August loan payment is the only one RFR has missed so far, according to the data firm.
“As one of the premier class-A trophy office towers in Lower Manhattan, 17 State Street continues to perform well and we will be refinancing the existing debt in the near future,” an RFR spokesperson said in a statement
J.P. Morgan originated the CMBS loan in July 2014. J.P. Morgan declined to comment.
The Financial District office building will be the fourth RFR property officially in distress so far in August.
RFR started last week off not so strong when Blackstone and Rialto Capital launched foreclosure proceedings on its retail properties at One Jackson Square and 219 East 67th Street.
Then, J.P. Morgan and Citibank issued a foreclosure notice for the office building at 475 Fifth Avenue — which also has a $180 million loan attached — on Friday.
Rosen found only small respite from the army of lenders closing in around him in late July when RFR was granted a short-term extension on a $222 million commercial mortgage-backed securities loan tied to 285 Madison Avenue, which was originated by Natixis Real Estate in 2017, giving Rosen until November to pay the debt.
At the 17 State Street property, which sits across from Battery Park, 59,000 square feet of the 571,000 square feet are currently available for lease, according to the RFR website.
The building was first constructed in 1988 and designed by Emery Roth & Sons. RFR bought it for $120 million in 1999.
Mark Hallum can be reached at mhallum@commercialobserver.com.
