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.
