Treasury par yields, Sept. 14 close (U.S. Treasury). SOFR, Sept. 14 (New York Fed).
This week: The $280M loan on Santa Monica's Shutters on the Beach and Casa del Mar is in maturity default even though total debt was about 66% of the 2024 appraisal. One SoHo Square's $785M loan went to special servicing Sept. 11. A Denver judge put Republic Plaza in receivership.
Shutters and Casa del Mar: $280M in default on a $605M appraisal
Shutters and Casa del Mar missed their extension. The owners say a refinancing closes by Sept. 30.
1 Pico Blvd. & 1910 Ocean Way, Santa Monica · Hotel
- Owner
- Edward Thomas Collection (Slatkin family)
- Loan
- $280M (2024) · floating, interest-only
- Trust
- CALI 2024-SUN
- Mezzanine
- $120M · Goldman Sachs affiliates
- Size
- 327 keys · two beachfront hotels
- Next date
- Sept. 30 targeted refinancing close
What happened. The $280M senior loan went to special servicing on June 9. The reason given was imminent balloon default ahead of its July 2026 initial maturity. The owners couldn't meet the conditions for the first of three one-year extensions. The loan was still in maturity default after July 9, but it has stayed current on its payments.
The rest of the Sept. 15 issue opens Nov. 14, 2026.
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Seven situations to track
- Special servicingOne SoHo SquareNew York, NY · Office
- Receiver soughtX DenverDenver, CO · Multifamily
- ForeclosureResidences at MedicalSan Antonio, TX · Multifamily
- Special servicingRiver Crossing at RoswellRoswell, GA · Multifamily
- Sale postedEstrella at KiestDallas, TX · Multifamily
- BankruptcyWhitewater Amphitheater portfolioNew Braunfels, TX · Entertainment/leisure
- Sale set2220-2224 Boston St.Baltimore, MD · Office