515 Madison

Ushering In New Equity To Sustain A Prime Office Asset

With increasing tenant departures and collection challenges at the property in 2021, the sponsor could not pay off the loan at the original January 2023 maturity date. After the property loan was transferred to special servicing in November 2022, sponsorship cooperated in providing operating information, sharing budget projections, and demonstrating leasing efforts. CW provided a two-year maturity extension, securing a new $17M equity commitment from sponsorship with a deleveraging paydown component and the funding of reserves for accretive leasing at the property, creating confidence that the trust will receive a full payoff at the extended maturity date.