The $150 million mortgage loan backed by CityPlace, a major retail center in downtown West Palm Beach, is in special servicing and faces “imminent default,” according to a report by Fitch Ratings.
The commercial mortgage backed security loan (CMBS) is not delinquent but “CityPlace Partners has proactively engaged the special servicer in an effort to seek flexibility from our lenders and ensure the long-term success of CityPlace,” CityPlace spokeswoman Jennifer Sullivan said in a statement. This request is specific to the retail loan at CityPlace.”
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