Aby Rosen received a short-term extension on the $222 million CMBS loan for 285 Madison Avenue, now due in November. The loan, transferred to special servicing in April, faces refinancing challenges due to higher interest rates (6-7% compared to the original 3.8% in 2017) and the property’s reduced value, down from $610 million to $411 million. Including a $35 million B note and a $205 million mezzanine loan, Rosen’s total exposure is $462 million. Despite maintaining 96% occupancy, rising expenses have strained debt service. The CMBS loan’s single-asset structure may lead to debt modification if refinancing fails.
285 Madison Avenue
