Home News Cipriani Locations Avoid Foreclosure With Loan Modification – Commercial Observer

Cipriani Locations Avoid Foreclosure With Loan Modification – Commercial Observer

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New York City’s favorite upscale event venue made a deal to save on bacon (crostini) just in time for the holiday season.

A $52.1 million commercial mortgage-backed securities (CMBS) loan backs two loans. Cipriani The Manhattan location has secured a change, according to an alert Wednesday issued by . TreppThe Workout Pivot came in the nick of time and took a fancy place close to foreclosure.

The senior debt is backed by the Cipriani base. 110 East 42nd Street When 55 Wall Streetand faced potential foreclosure after Cipriani defaulted on a loan in May 2020, at the height of the COVID-19 pandemic. According to Trepp, the last payment he made was in July 2020, and the loan was moved to special services before the foreclosure process began in December 2021.

data show Cantor Commercial Real Estate originated a senior loan. Credo iQ.

At the time of commencement of foreclosure proceedings, Stefania GironbergA restaurateur spokesperson said, wall street journal Cipriani’s lenders have been “helpful and constructive” amidst the widespread turmoil caused by the pandemic.

But according to Trep and CRED iQ, September special servicing data shows discussions are currently underway to fix the loan instead.

Along with the $52.1 million senior loan, this represents 6.61% of the collateral. Communications 2014-CR19 There is a $28 million mezzanine loan on the property initiated by the deal, WP Carry. midland loan service Deal special servicer.

Cipriani Wall Street accounted for nearly two-thirds of allocated loan balances, Giuseppe Cipriani According to CRED iQ, he was the borrower of record when the loan was initiated.

Two of New York City’s favorite locations combine event space with commercial condos and offices. The venue is on 42nd Street. Fried Frank‘s famous (and packed) holiday bash is a major commercial real estate bash each December.

Representatives for WP Carey and Midland did not immediately return requests for comment. Cipriani declined to comment.

To contact Andrew Cohen: [email protected].

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