A commercial mortgage-backed securities (CMBS) loan worth $161.4m that was used to finance nine Brookfield-owned office buildings has defaulted due to “monetary default”, according to CRED iQ data. KeyBank has taken over the debt package and is working with the borrower to determine a path forward. Morgan Stanley originated the loan in 2018 in a MSC 2018-BOP deal, and it initially included 12 properties, with three being released since then. This marks the second time this year that Brookfield has defaulted on loans, after it defaulted on loans for two Los Angeles office skyscrapers in February.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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480.947.0600
4414 N. Civic Center Plaza #100 Scottsdale AZ. 85251