Return to Lender: Week of March 13, 2025

Stalled in redevelopment and mired in receivership since December, the One Calvert Plaza tower in downtown Baltimore is for sale, the Baltimore Business Journal reported. The historic tower at 201 E. Baltimore St. was listed this week with no base price, Michael A. Sponseller, a VP at NAI Michael, told the Business Journal. The 157-unit property has been partially repurposed from offices to luxury apartments, most of them one-bedrooms averaging 611 square feet. The building will be sold as-is and will be free and clear of all liens and judgments, according to a marketing brochure.

Starwood Capital Group Hotel Portfolio ($577.3 million | multiple conduits | CMBX.11) was transferred to the special servicer earlier this month, Morningstar Credit reported. Performance across the 65 mixed-service hotels, which total 6,370 keys located across 21 states with 14 different franchises, has steadily declined over the past few years, with the 2023 net cash flow 48% below issuance, driven largely by a decline in revenue. According to the special servicer, modification terms are being discussed.

Morningstar Credit reported that the loan on Esplanade I ($57.3 million | CGCMT 2016-P4 & CGCMT 2016-P5 | CMBX.10) has transferred to special servicing for monetary term default. Occupancy at the suburban office in Downers Grove, Illinois was last reported at 72% in September 2024, down from 86% at issuance. The 2023 DSCR was below breakeven at 0.72x and has not improved in 2024, per the partial-year financials. The loan is scheduled to mature in July 2026.

A $335-million securitized loan backed by 1500 Broadway in Midtown Manhattan has been modified, according to Morningstar Credit. The loan was extended until October 2026, with two additional 12-month extension options. It had moved to special servicing ahead of its October 2024 maturity. The loan also reported a new appraisal from December 2024, which valued the property the property at $335 million, a 59% haircut from its $810-million valuation at issuance.

A modification on Fordham Medical Office Portfolio ($39.5 million | 5.4% of MSC 2018-H4 | CMBX.12) has been agreed upon, Morningstar Credit reported, citing updated servicer commentary. As part of the terms, the borrower has brought the loan current, and the loan will no longer be cash managed. The borrower has also partially paid down the principal in exchange for releasing the 656-660 E Fordham property from the collateral. The loan transferred to special servicing in August 2024. After the property release, the portfolio is now backed by two medical offices, with one each in Upper Manhattan and the Bronx.

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