A $384M loan backed by a luxury apartment tower next door to the San Francisco headquarters of the company formerly known as Twitter has been sent to special servicing.
Crescent Heights is facing imminent monetary default on the debt package for its 754-unit apartment tower at 8 10th Street, known as NEMA San Francisco, Trepp reported.
The loan for the 37-story tower has been posting a debt service coverage ratio (DSCR) level below 1 since 2020, indicating a negative cash flow. Servicer comments indicate the DSCR on the loan languished at 0.6 at the end of 2021, increasing slightly to 0.71 at the end of 2022.
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