Commonwealth

Surmounting Crises To Deliver Peak Industrial Performance

A non-performing note was secured by a nine-building industrial complex in Suffolk. The loan was first transferred to special servicing in 2013, a modification was completed, and the loan was transferred back to special servicing in 2017, when occupancy dropped to 38% due to impending lease expirations. After the asset went into foreclosure in 2018, CW’s REO team leveraged their toolkit of stabilization strategies to execute an accretive solution for this industrial asset. When one of the buildings combusted and caused extensive property damage during the disposition period, CW handled the insurance claim process and successfully sold the property to achieve a full recovery on the A and B notes. Aided by CW’s oversight, the buildings reached total occupancy.