Northeast

Is the CMBS borrower experience improving? No, in fact I am finding that it is actually going in the other direction.

Safehold, a real estate investment trust specializing in ground leases, has acquired an existing ground lease at 425 Park Ave. for approximately $620 million.

The loan replaces the previous $800 million loan that has a fixed rate of 4.3%, and was set to come due in October 2020.

Located on 16 acres, the shopping center is 100% leased with a tenant roster that includes: Marshalls, Planet Fitness, St Jean's Credit Union and 99 Restaurant. The property is a strategic, transit-oriented, value-add acquisition for the company's growing Metro Boston portfolio, Urban Edge Properties states.

In 2020, New York City buildings 25,000 square feet and larger will have to display letter grades for their energy efficiency usage.

Real estate developer Sherwood Equities signs lease renewals to two of Times Square's biggest tenants.