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CMBS loan for former WeWork Hollywood office building gets special maintenance – Commercial Observer

CMBS loan for former WeWork Hollywood office building gets special maintenance – Commercial Observer
CMBS loan for former WeWork Hollywood office building gets special maintenance – Commercial Observer

 


A $21.7 million commercial mortgage-backed securities (CMBS) loan backed by a former WeWork (US)– A Los Angeles office building anchored along the Hollywood Walk of Fame was transferred to special servicing for imminent default after loan payments fell 60 days past due, according to a report from The morning star.

The loan, which represents 2.8 percent of the guarantee in JPMCC 2016-JP2is secured by an 82,180 square foot office complex at 7083 Hollywood Boulevard. WeWork vacated the building in 2021, causing occupancy to drop to 16% ahead of another coworking provider, Industrioussigned a lease for some of the vacated space the following year and increased the occupancy rate to 51 percent, according to Morningstar.

SEE ALSO: Pompano Beach Housing Authority gets $28 million to add 100 apartments

Based in New York Vanbarton Band acquired the office building for $37.75 million in September 2017 from Crown Real Estate & Development. Newmark (NMRK) announcement the purchase in June 2018 after negotiating the sale.

Newmark put the property up for sale again in September 2023. The proposed deal included an assumption of the $21.7 million loan, which has an interest rate of 4.14% and is scheduled to mature in July 2026, according to the registry. reported at the time.

Tenants of the property include Braveman Media And BPM technologies. The weighted average lease term for current tenants is 6.5 years, and only 4% of leases will expire in 2030, according to the Register.

Vanbarton and Newmark officials did not immediately respond to requests for comment.

Andrew Coen can be contacted at [email protected]

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