Kushner, RFR face repeat Dumbo nightmare
Kushner Companies and RFR narrowly avoided disaster at their four-building Dumbo portfolio in 2024. Two years later, they’ll be looking to pull off another magic trick. The Dumbo Heights portfolio is back in special servicing, Crain’s reported, citing a Morningstar Credit Analytics report. The landlords are facing a $480 million mortgage and other debt set to come due in six months. The landlords defaulted on a $180 million CMBS loan back in September 2023 and struggled to repay a B note of $145 million, as well as two mezzanine loans from Korean lenders for $80 million and $75 million. They […]
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