Aurora Lands Restructuring on $200M CMBS Loan for Prince Building
By Andrew Coen February 26, 2025 12:03 pm
reprints
Aurora Capital Associates has sealed a restructuring and extension for $200 million of commercial mortgage-backed securities (CMBS) debt tied to its Prince Building office and retail property at 568 Broadway.
Walker & Dunlop arranged the CMBS loan restructuring of the 354,603-square-foot asset at the corner of Broadway and Prince Street in Manhattan’s SoHo neighborhood.The loan hit special servicing last August ahead of its October 2024 maturity date, before defaulting in November. Details of the restructuring and extension term were not provided.
CoStar Globe Street first reported the restructuring.
“We stepped in as strategic advisers to resolve two office loan situations that had matured and were facing significant challenges,” Aaron Appel, senior managing director and co-head of W&D’s New York Capital Markets team, said in a statement. “We acted swiftly to guide both borrowers and lenders through complex restructuring processes.
Appel led the deal with Jonathan Schwartz, co-head of New York capital markets, along with Keith Kurland, Adam Schwartz and Jordan Casella.
Rialto is the special servicer and Wells Fargo is the master servicer, according to W&D.
Aurora — which owns the 12-story mixed-use building with Allied Partners, Midtown Equities and A&H Acquisitions — previously gained two 12-month extensions after its CMBS loan was initially scheduled to mature in October 2022, CO previously reported.
Morningstar appraised the property at $208.5 million in 2019, down nearly 40 percent from when the CMBS loan was originated by CCRE in 2012, CO previously reported.
The building was 50 percent occupied in the first half of 2024 compared with 93 percent in 2022, according to a Trepp report last August. The property’s debt service coverage ratio also slipped to 1.05 in mid-2024, down from 2.19 in 2022, the Trepp data showed.
Officials at Aurora did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
