When it rains, it pours for Joseph Sitt’s Thor Equities. A $30 million CMBS loan from Barclay’s backed by Thor’s 545 Madison Avenue was sent to special servicing due to “severe cash flow issues,” Commercial Observer reported, citing data from Trepp. Thor used the CMS loan to finance the purchase of the leasehold on the Madison Avenue office tower from BlackRock Realty and LCOR for $53 million in December 2013. But now, Thor has struggled […]
source https://therealdeal.com/2019/05/24/thor-equities-in-hot-water-at-545-madison-avenue/
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