1407 Broadway

Shorenstein Realty Investors faces foreclosure on its $350 million loan for 1407 Broadway, a Garment District office tower, after defaulting last summer. Despite multiple maturity date extensions, Shorenstein’s missed interest payment led to a maturity default in November. Negotiations with lender Barclays ensued, but the outcome remains uncertain. Rising interest rates and 16% vacancy at 1407 Broadway may have contributed to the fallout. Shorenstein also seeks loan modification discussions for two Philadelphia office properties amid the city’s struggling office market. Shorenstein declined to comment on the matter.