Financial Woes For Dream New York?
Uh-oh. Something's goin' down at Dream NYC, and it ain't nearly as good as those $113 room rates we were seeing for the summer: The Real Deal reports that a $100 million loan secured by the hotel "was put on a special servicer status," which, TRD says, indicates "the possibility it may become delinquent." In April, the loan payment was late but the note wasn't in default.
But what do the possible financial issues have to do with you? Nothing yet:
Though the special servicer status is worrisome, very few loans have gone from special servicer status to default in New York City. There were just nine delinquent securitized loans in New York City totaling $272 million from a total of 1,886 loans valued at $58.6 billion as of the end of April
Hampshire Hotels owns the building but not the underlying property, though it does control that property through a long-term lease.
As usual, money gets in the way of Dreams. Ha.