$150M Apollo development loan suffers default in Downtown Brooklyn

A Downtown Brooklyn development site has fallen into default on its mortgage, raising questions whether the property’s specialty lender will suffer losses on the loan at a moment when the economic crisis touched off by the coronavirus has threatened to sink several such lending firms.

Apollo Commercial Real Estate Finance, a $1.1 billion publicly traded commercial lending company, stated in a recent public filing that the holder of the $154.6 million loan stopped paying interest on the debt on March 1 and said the property was now being marketed for sale.

A Downtown Brooklyn development site has fallen into default on its mortgage, raising questions whether the property’s specialty lender will suffer losses on the loan at a moment when the economic crisis touched off by the coronavirus has threatened to sink several such lending firms.

Apollo Commercial Real Estate […]

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