Bridgeton Defaults On $45M Loan On Building Formerly Home To WeWork
Bridgeton Holdings decided it is done paying for a mostly vacant San Francisco office building, even though its loan still has a balance due.
Manhattan-based Bridgeton Holdings is more than 30 days delinquent on a $45M loan tied to 995 Market St., according to The Real Deal, citing data from Morningstar.
"The borrower has stated they will not be making any more payments,” special servicer Hudson Advisors said in an August note.
As of late last year, the building's income wasn't sufficient to pay its debts.
WeWork had been the dominant tenant in the building, occupying 75% of the space until its departure in August 2021, terminating its lease about 10 years early. Roughly 92% of the building is up for lease, TRD reported.
WeWork continues to negotiate almost all of its leases in an effort to curb its expensive lease obligations.
The loan was originated by LStar Capital Finance and is now in special servicing, according to TRD.