A $670M loan backed by RXR's office building at 230 Park Avenue, more famously known as the Helmsley Building, has been transferred to special servicing.
A KBRA report, cited by Crain's, said the CMBS is due on December 8 and facing "imminent maturity default." According to the report, RXR is working to restructure the loan.
The 35-story, 1.4M SF landmark was acquired by RXR in 2015 for $1.2B. The acquisition was financed with a $785M financial package from American International Group, Invesco and South Korea's National Pension Service.
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