The $90 million commercial mortgage-backed securities debt connected to a mixed-use property on Third Street Promenade landed in special servicing before its December maturity date due to imminent monetary default, according to Morningstar Credit. The seven-story, 130,000-square-foot office, multifamily and retail building in downtown Santa Monica out-performed until the loss of two star tenants — WeWork and AMC Theaters — pushed occupancy to 69 percent. WeWork canceled its lease in connection with bankruptcy, and AMC didn’t renew. The owner and borrower is an entity connected to Beverly Hills-based Maxxam Enterprises. The Real Deal previously reported Maxxam purchased the property for […]
This article originally appeared on The Real Deal. Click here to read the full story.
