Wilmington Trust, a trustee acting on bondholders' behalf, has filed a foreclosure lawsuit in state court in NY stating that Maefield Development failed to repay a $750M loan for 20 Times Square.
The financing for the property was securitized in a single-borrower commercial mortgage bond. The loan's maturity date was May 5, according to a report in TheRealDeal.
In 2018, Maefield and Fortress Investment Group took control of a project to develop a 42-story luxury hotel with retail space on the parcel at 701 Seventh Avenue; ground was broken in 2015.
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