PROPERTY SITUATION

• The Loan matured on March 6, 2024, at which time the Borrower was actively pursuing a refinance. As a result of Borrower’s actions taken to refinance the Loan, they were granted a 60-day forbearance to complete the transaction.
• Despite strong property operating metrics, the takeout lender determined that, because of challenges in the capital markets and a general reluctance to securitize office assets, they would be unable to securitize the takeout loan and elected not to close.
• The property continues to exhibit strong performance, with a 56% LTV (based on a 2024 valuation), 100% occupancy, a debt yield of 12.6% and DSCR of 1.58x.

BCA RESOLUTION

• Brighton Capital Advisors (“BCA”) successfully negotiated a one-year forbearance with a one-year extension option, on favorable terms, providing the Borrower with additional time to secure takeout financing.