A $270M CMBS loan backed by 11 multifamily properties in Manhattan owned by Blackstone has been sent to special servicing, according to the latest report from Trepp.
The floating-rate loan, issued in 2019, encompasses 637 units in buildings located in Chelsea, the Upper East Side and Midtown South. Trepp put the portfolio loan, current as of this month, on its watchlist in November.
Higher-than-expected expenditures and the floating-rate debt on the portfolio have created a cash flow shortage on the properties. A statement issued by Blackstone indicated the company is trying to restructure the financial package on the portfolio.
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