Blackstone has stopped making debt payments on its Hughes Center office campus, a 1.5M SF complex spread over 19 buildings at 3770-3993 Howard Hughes Parkway.
Public records show the loan, backed by the huge office campus, was placed into special servicing earlier this month. Blackstone cited an inability to fund future monthly payments and said it had begun writing off the equity value of the loan in 2020, CoStar reported.
Blackstone's CMBS loan on the Hughes Center buildings, which include retail as well as office properties, was placed under special servicing with Keybank National Association effective March 2. The loan originated in 2013, when Blackstone acquired the Hughes Center for $13B.
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