TISHMAN TOWERS, MEET SPECIAL SERVICER
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|As you may have heard yesterday, Fitch Ratings reported that two of Tishman Speyer's prominent Atlanta properties have gone to special servicing.|
|CWCapital will be servicing multi-dollar loans on Tishman's Colony Square (above) and Midtown Plaza. Colony Square has a $116M loan and Midtown Plaza has $65M, with Wells Fargo as the master servicer on both. The properties were part of Tishman's entry into Atlanta when it bought the Trizec portfolio in 2006. Fitch cites?maturity default? as the reason for the special servicing. (That's also what they say when you try to buy a whoopie cushion after the age of 10.) Tishman officials released this statement: ?We have been in discussions for several months with our lenders in an effort to restructure debt in a way that recognizes market realities. To date, those discussions have not been successful.?|