Commercial property owner Kushner Cos.' disputes with two of its major Times Square tenants could affect a $285 million loan on its 229 W. 43rd St. retail condominium in New York, according to a new bond rating company report.
Portions of the loan are collateral in four different commercial mortgage-backed bond offerings, according to Kroll Bond Rating Agency, also known as KBRA. The company said this week it is monitoring the debt following the loan's transfer to special servicing because the borrower didn't fund a shortfall on the loan's debt payments and required reserves. KeyBank is the assigned special servicer to the loan.
Times Square Tenants Trigger Loan Concern for Kushner Cos.
Loan Repayments on $285 Million Retail Condominium Loan Come in Short of Amount Due
CoStar News
January 8, 2020 | 2:10 P.M.
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229 43rd St, New York, NY
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