Maefield back in familiar territory at 20 Times Square
Maefield Development is back where it probably didn’t want to be at 20 Times Square. The commercial mortgage-backed securities loan backed by the property’s 99-year ground lease was transferred to special servicing, the Commercial Observer reported, citing Morningstar Credit. The borrower missed this month’s maturity date; Maefield did not return a request for comment from the publication. Maefield has been down this road before. In 2018, Maefield and Fortress Investment Group took control of the project by buying out the development’s other investors with loans provided by French bank Natixis. Those deals valued the development at $1.6 billion. Natixis kept […]
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