Shihao Feng
The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central.
The refinancing came as a package of senior loan and mezzanine debt.
The Tampa-based owner-operator raised more than $1bn for Sun Belt-focused multifamily investments.
The loan will be included in an upcoming commercial mortgage-backed securities deal.
The New York-based private credit provider originated new loans for projects in Florida and New Jersey.
The Los Angeles-based manger is watching opportunities in office-to-residential conversions and investing across the capital stack.
Analysts said the asset class is facing expected pressure and risks within control.
The Norfolk, Virginia-based manager believes lenders and borrowers will need to more actively manage assets in order to meet business plans.
The transaction could lead to an office-to-residential conversion for the Midtown office tower.
A growing number of commercial real estate managers have launched or expanded their lending platforms over the past three to six months.