Tishman Speyer’s Jacx loan sent to special servicing
Tishman Speyer refinanced The Jacx in Long Island City five years ago. The maturity bill is coming due imminently. The $425 million mortgage backing the pair of 26-story office buildings in the Queens neighborhood was transferred to special servicing, Crain’s reported, citing Morningstar Credit Analytics. The debt is set to mature in September and Morningstar predicted refinancing it “would be challenging” due to its vast vacancy. Nevertheless, Tishman is taking ownership of the special servicing decision, saying it requested the move “to facilitate a mutually beneficial extension agreement.” The two-building complex, which opened fully leased in 2019, cost Tishman about […]
This article originally appeared on The Real Deal. Click here to read the full story.
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