Two years ago, the Bethany Maryland Portfolio went into special servicing and was modified. Now, it’s back. Patch.com cited Trepp data, reporting that the $296.6 million portfolio is back in the delinquency category. Patch says that more than half of the loan balance is allocated in four garden-style properties in Maryland. Bethany bought the original loan, but a new buyer assumed it in 2009 and brought the portfolio out of bankruptcy.
According to Patch, the new borrower received some breathing room: The new $296.7 million loan was granted a modification that pushed the maturity date out five years to December, 2016. The rate was cut from 6.068 percent to 3.78 percent, with gradual increases in the rate over six years, according to the site.
Apparently that wasn’t enough. In February, the loan went to the special servicer and became 30 days delinquent in May. Now, it’s in trouble again. It makes you wonder, how many more of these problem CMBS portfolios will end up in trouble again?