Member News

New Strategy for Stamford Office Loan Indicates “Note Sale”

According to August remittance data, the workout strategy for the $150.9 million UBS Center- Stamford note has been changed to “note sale.”

As of last month, the strategy was “TBD.” The loan makes up almost 75% of the remaining collateral behind LBUBS 2004-C1. The underlying property is a 682,327 square-foot office building located at 677 Washington Boulevard in Stamford, Connecticut. UBS is currently the property’s sole tenant with a lease that expires in December 2017.
The note was transferred to special servicing in February due to “imminent non-monetary default.”

The loan is current because of the UBS payments and it is not carrying an appraisal reduction at this point. The maturity date for the loan is in October.
In June, we noted that the servicer has begun reporting a lower appraised value for the collateral.

Compliments of Trepp – a member of the EACCNY