Today In CRE’s Collapse: Philadelphia’s 1515 Market Put Into Special-Servicing With $59.4 Million Left On Mortgage
16th February 2024
Another day, another city, another collapse in the commercial real estate market.
This week the property in question is a 20 story building located at 1515 Market St. in Philadelphia, which Philadelphia Business Journal notes has “joined a growing list” of distressed office properties in the city.
Almost $60 million in debt backed by the building was moved to special servicing in December, the report says. Owner Accesso Partners, based in Florida, has a $59.4 million balance on the building, which it acquired in 2014 for $85 million.