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CMBS loan for Hollywood's largest retail center gets special servicing – Commercial Observer

CMBS loan for Hollywood's largest retail center gets special servicing – Commercial Observer
CMBS loan for Hollywood's largest retail center gets special servicing – Commercial Observer

 


A $211.3 million commercial mortgage-backed securities (CMBS) loan guaranteed by the formerThe Hollywood & Highland mixed-use entertainment center in Los Angeles has been moved to special service due to impending default, according to Stairs.

The property on five levels, which renamed as Ovation Hollywood in 2022, was grappling with occupancy and cash flow issues and was facing an August deadline in the NCMS 2019-FAME transaction originating by Natixis almost five years ago.

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Occupancy levels of the 462,827 square foot commercial complex owned by Gaw Capital United States And DJM were 77 percent in 2023, according to Trepp.

Loan debt service coverage was 0.86x as of July 31, 2023, down 49% from year-end 2022, when it was 1.69, according to data from CRED iQ.

The property, which is in a tourist area of ​​Los Angeles next to Hollywood Walk of Fame, was valued at $338 million when the loan was securitized in 2019, according to Trepp. Gaw Capital USA and DJM acquired the property in 2019 for around $320 million

Gaw Capital USA and DJM did not immediately respond to requests for comment.

Andrew Coen can be contacted at [email protected]

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