COVID-19 has claimed the landmark Roosevelt Hotel in Midtown Manhattan. The hotel’s owner, Pakistan International Airlines, announced over the weekend that it was shuttering the 19-story, 1,015-key hotel at 45 East 45th Street before the end of 2020 due to a steep drop in demand because of the … [Read more...] about 10.7.20: NEW YORK’S ROOSEVELT HOTEL CLOSING PERMANENTLY DUE TO COVID
Lord & Taylor, one of the oldest department stores in the United States, will go out of business and shutter its 38 locations, marking the end of its 194-year run. It’s the latest retailer to fall during the coronavirus pandemic. The move comes just weeks after Lord & Taylor filed for … [Read more...] about 8.19.20: LORD & TAYLOR CLOSING ALL STORES AS IT GOES OUT OF BUSINESS
Legal fees to close commercial real estate loans can be expensive. The borrower pays for the lender’s attorney fees and the fees charged by the borrower’s attorney. Legal fees for CMBS conduit loans can be expensive since all CMBS conduit loans are non-recourse, and the loan documents are more … [Read more...] about 3.15.19: An Experienced CMBS Closing Attorney Can Save You Money
We recently had to work through an issue on a relatively simple CMBS conduit loan. The transaction was a 50% loan-to-value (LTV) cash-out refinance of a small neighborhood shopping center that was 100% leased. One of the tenants that will occupy 24% of the space has a signed lease and is paying rent … [Read more...] about 6.4.18: Keep Contractor Work to a Minimum When Closing a CMBS Conduit Loan
With the potential demise of Kmart the old “Blue Light Special” may become a thing of the past. Kmart became known for its "Blue Light Specials" that occurred at surprise moments when a store worker would light up a mobile police light and offer a discount in a specific department of the store, … [Read more...] about 7.26.17: Today’s Blue Light Special … a Refund of Your CMBS Good Faith Deposit at Closing
Many mortgage brokers pretty much disappear after loan closing, moving on to the next closing. However, post-closing, CMBS conduit loans generally require more servicing documentation than other types of commercial loans on a quarterly basis. This data, mainly financial reporting, can overwhelm … [Read more...] about 8.7.15: ValueXpress Help Extends Past Closing
Atlantic City officials, the State of New Jersey and its residents wonder about the fate of Atlantic City and the rest of its gambling palaces as the Revel Hotel and Casino closed its doors on Monday after the Showboat Casino closed on Sunday. Trump Plaza, which is connected to the famed Boardwalk … [Read more...] about 8.27.14: Atlantic City, N.J. Casinos Closing: What’s the Future?
Commercial Mortgage Alert reported this week that although nine CMBS conduit lenders are actively seeking CMBS conduit loans for the first multi-borrower CMBS transaction since the CMBS market stalled in 2008, progress on accumulating loans for securitization has been slow. Informal discussions with … [Read more...] about 2.10.10: Commercial Mortgage Alert Reports Slow Progress in Closing CMBS Conduit Loans