1818 Market Street Nears Default as Owner Seeks Loan Renegotiation

1818 Market Street faces 'imminent' default as Center City office building's owner seeks to renegotiate $223M loan

The owner of 1818 Market St. is actively pursuing a renegotiation of the terms for a $223 million loan tied to the Center City property, just shy of two months before its March 9 maturity date. Originated by Barclays in 2021, the debt was subsequently sold to investors as commercial mortgage-backed securities (CMBS). San Francisco-based Shorenstein Properties, facing an imminent monetary default, submitted a loan modification proposal in December. This move followed the transfer of the loan to special servicer Rialto Capital, as detailed in the latest CMBS report.

Shorenstein acquired 1818 Market, previously known as Beneficial Place, from Sovereign Capital Management Group for nearly $185 million in 2015. The building was later renamed WSFS Bank Place in 2019 after WSFS acquired Beneficial Bank, becoming the 37-story office building’s largest tenant.

*Article courtesy of Philadelphia Business Journal

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