David Simon Passes Away After Battle with Cancer
March 23, 2026
CREFC’s Lisa Pendergast Retiring in August
March 20, 2026
Brookfield Revives GGP Name for Malls
January 7, 2026
Subject: CMBS Rating Downgrade (DOWNG)
S&P Downgrades CMBS Deal Against Fee Interest in Saks Fifth Ave. Building
Commercial Real Estate Direct Staff Report The bankruptcy filing by Saks Global Enterprises in January prompted last month's transfer to special servicing of a $1.25 billion CMBS loan against the ground beneath the Saks Fifth Ave. flagship store in Manhattan. ...
S&P Sharply Downgrades 2019 CMBS Deal Backed by Loan on NYC Office
Commercial Real Estate Direct Staff Report The continued weak performance of 521 Fifth Ave. in Midtown Manhattan has prompted S&P Global Ratings to downgrade three bond classes of COMM, 2019-521F, the CMBS deal that holds the 494,527-square-foot office building's $242 ...
CMBS Loan Against the Factory Office in Queens, N.Y., Faces Big Challenge
The Factory, a 1.1 million-square-foot office property in the Long Island City section of Queens, N.Y., has suffered a substantial decline in occupancy and cash flow since 2023. As a result, Moody's Ratings has downgraded the bonds that hold a ...
Increased Expenses at Manhattan Office Prompt Moody’s to Downgrade BAMLL 2014-520M
Commercial Real Estate Direct Staff Report A sharp increase in operating expenses at the 1.04 million-square-foot 520 Madison Ave. office building in Manhattan has prompted Moody's Ratings to downgrade three bond classes of the single-asset, single-borrower CMBS deal that holds ...
FTC’s Planned Departure from D.C.’s Constitution Center Helps Drive CMBS Deal’s Downgrades
Commercial Real Estate Direct Staff Report The Federal Trade Commission's plan to move out of the 251,805 square feet it occupies at the Constitution Center in Washington, D.C., has contributed to Standard & Poor's decision to downgrade three senior classes ...
Moody’s Downgrades Single-Borrower CMBS Holding Loan on Oklahoma Mall
Commercial Real Estate Direct Staff Report By most measures, the Penn Square Mall in Oklahoma City is a relatively solid performer. It was 94% occupied as of last September and generated twice the cash flow needed to fully service its ...
Fox Vacating 328,000 SF at Manhattan’s 1211 Ave. of Americas, Prompts CMBS Downgrades
Fox Corp. will be vacating 328,000 square feet at the 2 million-sf 1211 Ave. of the Americas office building in midtown Manhattan, according to Kroll Bond Rating Agency. The broadcasting network, along with parent News Corp., occupy a total of ...
Modified Loan Against Chicago-Area Mall Contributes to CMBS Downgrades
The $66.9 million mortgage against the North Riverside Park Mall in the Chicago suburb of Riverside, Ill., which in 2021 had been divided into A- and B-notes as part of a modification, remains outstanding, well after its extended maturity last ...
Moody’s Warns Higher Operating Expenses Puts Loan on Chicago’s Old Post Office at Greater Risk
Commercial Real Estate Direct Staff Report Increased operating expenses at Chicago's Old Post Office have prompted Moody's Investors Service to downgrade the ratings of each of the classes of JPMorgan Chase Commercial Mortgage Securities Trust, 2022-OPO, which holds a $705 ...
Kroll Downgrades 3 Classes of WFRBS 2013-C15 to D
Commercial Real Estate Direct Staff Report Kroll Bond Rating Agency has further downgraded three bond classes of WFRBS Commercial Mortgage Trust, 2013-C15, which had held a $70.3 million mortgage against the Kitsap Mall in Silverdale, Wash. The property, which had ...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
