Feil Organization defaulted on a $164 million CMBS loan for its fully occupied Queens Atrium office tower at 30-30 Thomson Avenue. Despite maintaining full occupancy and securing a 10-year lease extension with LaGuardia Community College, the firm failed to refinance the loan upon its maturity in July. The default is attributed to a significant rise in interest rates from 4% to approximately 7%, making refinancing challenging. The property, which has a strong debt service coverage ratio of 2.09, is now under special servicing, with Feil negotiating an extension to the current loan terms.
30-30 Thomson Avenue
