Tuesday, November 19, 2019

Kushner Cos.’ Times Square Loan Heads for Workout Amid Rent Woes

NREI
A $285 million loan taken out by the Kushner Cos. will require a renegotiation of terms after the firm’s tenants broke their leases, the real estate company said Friday.

The loan was issued by Deutsche Bank AG in 2016 to allow the firm to refinance six floors of retail space in the former New York Times building. Rent income at the property is falling short of interest payments, according to an analyst note this week on behalf of Wells Fargo & Co., which is managing the loan. The loan was being transferred to a so-called special servicer, which typically oversees such deal talks, according to the note.. . . more