Workspace Property Trust  obtained a two-year extension for a $1.3B CMBS loan associated with a portfolio of about 10M SF of suburban office and industrial space, which represents roughly half of its holdings.
The loan is tied to 146 properties in 14 markets nationwide. WPT also owns another 9M SF of office space in 59 other properties.
In May, the loan was transferred to special servicing, and it was scheduled to mature this month, without any extension options.
“An important part of the deal was that the existing investors made a significant amount of new investment into the company,” WPT CEO Thomas Rizk told bisnow, referring to equity…
Source: Workspace Property Trust Wins Extension Of .3B Loan For Office And Industrial Portfolio