Home Banking & Finance Nonperforming CMBS loan backed by UBS Center to be auctioned

Nonperforming CMBS loan backed by UBS Center to be auctioned

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A nonperforming $148.7 million commercial mortgage-backed securities (CMBS) loan against Stamford’s UBS Center has been put up for sale.

According to a report in the trade journal Commercial Real Estate Direct, the loan’s special servicer, CWCapital, has hired New York-based Mission Capital Advisors to sell the loan. Bids on the loan will be accepted beginning on Jan. 17, with a final bidding round set for Feb. 8; CWCapital is aiming to conclude the transaction by Feb. 24. The loan was securitized through LB-UBS Commercial Mortgage Trust, 2004-C1, and was transferred to CWCapital earlier in the year.
The 682,327-square-foot property at 677 Washington Blvd. in Stamford has been the U.S. headquarters for the Swiss banking giant UBS since 1997. In 2011, the company signed a long-term incentive plan offered by Gov. Dannel Malloy that offered the bank $20 million in forgivable loans to keep at least 2,000 jobs at the Stamford site through 2017. In November 2014, the $20 million loan was extended with the potential to be fully forgivable in 2021 if UBS retained 2,000 jobs in the state at that time.

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