Value of Big Charlotte Mixed Use Property Lowered But Value Still Close to Outstanding Asset Balance
August servicer data shows that the value of the
EpiCentre mixed-use asset in Charlotte has been lowered from $86.8 million (from July 2022) to $80.6 million (as of May 2023).
The property is an REO asset of
GSMS 2014-GC22 which is part of
CMBX 8. The asset represents 11.84% of that deal.
On the negative, this is the first time the value has been below the asset balance. On the positive side, the value has stayed above $80 million since 2021, even as DSCR has been well below 1.0x.
The subject collateral is a 304,772-square-foot mixed-use property located at 210 East Trade Street in Charlotte, NC. The retail complex was constructed in 2008.
The loan was transferred to special servicing in March 2021 due to imminent monetary default. The asset became REO in September 2022.
For the first nine months of 2022, the asset posted a negative DSCR (NCF) when occupancy was 31%.