The Tamares Group is facing potential default on its $365 million loan for Times Square Plaza, a Midtown office tower, after failing to secure refinancing. Despite starting its search in January, the London-based landlord couldn’t replace the loan, which matures in October. Now seeking forbearance, Tamares joins other office landlords struggling with maturing loans obtained before the pandemic, when interest rates were lower. Times Square Plaza’s cash flow is strong, but with 25% vacancy and rising interest rates, the building’s future is uncertain. The property’s value has likely decreased, complicating new financing efforts.
The Tamares Group
