Backing up to the $ 25 million CMBS loan Southport Place in Staten Island is now 30 days past due, according to April payment data provided by Trepp.
The 10-year loan – initiated by Barclays Capital in 2014 – represents 2.5 percent of the JPMBB 2014-C25 deal, which is part of CMBX 8.
Southport Plaza is a 192,080 square foot property in 1150 South Avenue in Staten Island. Its tenants include Supreme Chocolate maker and Photocopy, which lease 64,500 and 59,000 square feet, respectively.
The CMBS loan was placed on the manager’s watchlist two years ago as Xerox’s lease was due to expire in October 2018; this lease was then extended until October 2020 and the loan was removed from the watch list.
Developed in 1999, the asset belongs to Capital of Southport ‘s John wambold. Wambold did not return a request for comment.
According to Trepp, the loan was taken conservatively, with a loan-to-value ratio of just 46% at the time of securitization and a debt service coverage ratio of 3.44x. Additionally, the loan reported DSCR above its subscribed number for several years thereafter, 3.28x in 2019, for example.
Given that the property’s occupancy rate was also 82% in 2019, Trepp analysts called the delinquency “head scratching.”