San Francisco-based Shorenstein Properties is 30 days delinquent on the $350M loan backed by its premier NYC asset, the 1.1M SF tower at 1407 Broadway.
The loan has been transferred to special servicing, Trepp reported. Trepp's report said the special servicer comments cited Shorenstein's "inability to pay monthly debt service."
"The transfer does not appear to be the relatively benign transfer that surrounds negotiations over an embedded extension option," Trepp's report said.
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