More than $16B in CMBS loans are coming due for New York City building owners this year, a 30% increase over last year's $12.7B in mortgage-backed loan maturities, according to Trepp.
A significant part of the increase in loan maturities is due to owners who opted for one-year loan extensions last year. However, analysts warn that lenders are in no mood to accommodate this kind of "pay me now or pay me later" wiggle room in the current financial environment, so extensions may be hard to come by.
CMBS loans coming due this year on two NYC properties made Trepp's "watch list" of the largest office building loans in the US that are scheduled to mature in 2023—both of them on Park Avenue—375 Park Avenue ($783M) and 300 Park Avenue ($485M).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
