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The sponsors passed another milestone after acquiring the landmark hotel in a record transaction.
The firm’s credit platform manages whole loans, Freddie Mac products, preferred equity investments and mezzanine loans.
Robert Neighoff, a portfolio manager at Mariner Investment Group, is tracking opportunity in new issue conduit and SASB paper.
The manager is seeing opportunity at a time when most lenders and investors are staying on the sidelines.
The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central.
The SASB CMBS deal was sponsored by a Tishman Hotel & Realty and MetLife IM joint venture.
The 23-hotel CMBS financing will recapitalize properties across 10 states.
The loan on One Market Plaza, a San Franciso office tower, was one of the largest CMBS loans slated to mature in 2024.
The Federal Reserve has not changed the target rate, which has stood at a level of 5.25-5.5 percent, since July.
The $308m loan is expected to be sold for a 50% discount.