20 Times Square Loan Returns to Special Servicing
By Andrew Coen May 15, 2026 5:15 pm
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A commercial mortgage-backed securities (CMBS) loan secured by a 99-year ground lease on Maefield Development’s 20 Times Square property has returned to special servicing, according to an alert from Morningstar Credit.
The $647.5 million of outstanding CMBS debt from the Times Square Trust 2018-20TS single-borrower deal originated by Natixis in 2018 transferred to the special service after missing its May 2026 maturity date. The loan first entered special servicing in November 2022 before gaining an extension in late 2023, Commercial Observer reported at the time.
A 99-year ground lease backing the loan that runs through 2117 is supported by revenue from 16,066 square feet of a 454-room Edition by Marriott hotel and four floors of retail space that remains largely vacant, according to Morningstar. The hotel was shuttered during the height of the COVID-19 pandemic and reopened in June 2021.
The retail portion of the property located at the northeast corner of West 47th Street and Seventh Avenue previously housed the National Football League as an anchor tenant with a 43,130-square-foot NFL Experience store that closed shortly after its 2018 debut.
The NFL was scheduled to pay $8.25 million in annual rent at the time of the loan’s underwriting, CO previously reported, citing loan documents.
Maefield Development did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
