Prudential Plaza

Driving Renewed Borrower Commitment For Extended Maturity

The property loans were transferred to special servicing in June 2013 due to imminent monetary default. In May 2023, the borrower’s asset management team requested loan modifications due to the continued deterioration of the Chicago office market. A loan modification was recommended given the borrower’s strong commitment and the significant time and extensive capital needed to reach stabilization. The new loan modification term required a $35M borrower deposit into a lender-held reserve in exchange for a maturity date extension.