Feil’s Midtown South office hits special servicing

A Midtown South office building owned by the Feil Organization fell into a special servicing hole after the matured mortgage went unpaid. The property at 261 Fifth Avenue was transferred to special servicing, Crain’s reported. The transfer took place when Feil didn’t pay off the $180 million loan when it came due in September, according to a report from credit-rating agency KBRA. The loan originated 10 years ago. The property generates enough cash to service its debts, Fitch Ratings reported in July, meaning there could be an opportunity to refinance at a higher rate. To that end, a spokesperson for […] This article originally appeared on The Real Deal. Click here to read the full story.