Another Midtown office default shows refi pain persists
The jumbo loan backed by Times Square Plaza, an office tower in the heart of Midtown, transferred to special servicing this month for imminent maturity default after its owner failed to lock down new financing.
Longtime landlord The Tamares Group started shopping for debt in January to replace the $365 million loan coming due in October at 1500 Broadway, according to Morningstar Credit.