Financial technology firm Ramp has signed another long-term lease expansion for an additional 175,000 sf (30% of GLA) at 28-40 West 23rd Street (BMO 2024-5C4, BMARK 2024-V7, BBCMS 2024-5C27). The agreement increases Ramp’s total footprint to approximately 460,000 sf (80% of GLA), following a prior expansion of approximately 153,000 sf (26%) in March 2026. Ramp’s lease was previously extended through May 2039, approximately 10 years beyond the April 2029 scheduled maturity of the $155 million whole loan. The loan is secured by a 578,105 sf mixed-use office and retail property in Manhattan’s Flatiron District.

The proposed sale of Hughes Center Las Vegas (COMM 2018-HCLV) to Borden Industries, which was previously reported in an August 3 Credit Alert, has fallen through after the property was placed under contract earlier this year. The $325 million loan is secured by the 1.5 million sf mixed-use campus comprising nine office and nine retail properties in Las Vegas, Nevada. The center has been in receivership since July 2024 following the loan’s transfer to special servicing in March 2023 and subsequent September 2023 maturity default. Occupancy was 43% as of December 2025, down from 74% at issuance.

The $33.3 million Sedona Springs loan (FREMF 2023-K158) became 30 days delinquent in October 2026, with cumulative interest advances totaling approximately $278,000. The loan is secured by a 408-unit multifamily property in Tucson, Arizona. The delinquency follows a period of deteriorating collateral performance, with occupancy falling to 75% as of June 2026 from 83% at year-end 2024, while the DSCR declined to 0.83 from 1.34 over the same period. As previously highlighted in a September 8 credit alert, the Arizona Attorney General filed a lawsuit against the property’s owners and managers alleging habitability and maintenance issues. Subsequent reporting indicated that tenant complaints persisted following the filing of the lawsuit.

Three hotels securing the $161.5 million REO PFHP Portfolio (CSMC 2017-PFHP) were sold to Hanuman ORD Inc. in September 2026 for a combined $19.4 million in proceeds and released from the trust in October 2026. The sales included the 132-key SpringHill Suites Schaumburg for $4.2 million ($31,667/key), the 125-key Residence Inn Schaumburg for $4.2 million ($33,440/key), and the 162-key Courtyard Schaumburg for $11.0 million ($67,901/key). The releases resulted in a $17 million principal curtailment. The portfolio, originally comprising 20 hotels totaling 2,461 keys across six states, now consists of seven hotels totaling 951 keys, all of which were under contract for sale as of October 2026, according to servicer commentary.

The REO 210,774 sf suburban office Park Plaza asset (COMM 2013-CR13) in Naperville, Illinois, is scheduled for auction in November 2026. Following foreclosure in April 2026, special servicer, LNR Partners, engaged Colliers to market the 17% occupied property at 215 Shuman Boulevard. The property is being marketed for potential redevelopment, including demolition and conversion to alternative uses such as residential or other non-office purposes.

The $28.5 million Riverside Center loan (JPMDB 2016-C4) transferred to special servicing after failing to pay off at maturity in October 2026. The collateral is a 272,596 sf, three building office complex in La Crosse, Wisconsin. The single tenant, United Healthcare Services, Inc., formerly occupied 100% of all three buildings but vacated one building, 332 Front Street (34% of GLA), following the July 2025 lease expiration. The tenant's remaining lease (66%) expires in July 2028. The borrower is currently marketing the three buildings for sale at a combined asking price of $36 million ($132/sf). KCP identified the loan as a K-LOC in September 2023 due to tenant rollover concerns.

In securitized markets, year-to-date (YTD) private label commercial mortgage-backed securities (CMBS) issuance through October 16 reached $108.1 billion, ahead of the $99.7 billion recorded over the same period last year. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also remains active, reaching $38 billion YTD, up from $23.1 billion over the same period in 2025.

During the October 2026 remittance, the $450 million Hyatt Regency Waikiki Beach Resort & Spa (HONO 2021-LULU) transferred to special servicing after failing to payoff at its October 2026 fully extended maturity. Updated special servicer commentary indicated that the borrower had not provided a viable exit strategy, despite earlier reports that it was negotiating a potential $680 million sale of the 1,230-key beachfront resort in Honolulu, Hawaii. Net cash flow is strained, with the annualized June 2026 figure declining to $5.8 million (0.28 DSCR), compared with $16.7 million (0.77 DSCR) at year-end 2025 and $36.7 million at issuance. Further complicating resolution, the property sustained more than $6.0 million in storm-related damage in March 2026.

The $205.4 million 2400 Market loan (COMM 2021-2400) transferred to special servicing ahead of its December 2026 maturity. The loan is secured by a 592,476 sf class A office and retail property in Philadelphia, Pennsylvania. According to servicer commentary, the borrower engaged CBRE to market the property for sale and requested a 150-day extension through May 8, 2027, as it does not anticipate completing the sale in time to repay the loan at maturity. The borrower has exhausted its three contractual extension options, and the current workout strategy is loan modification. The transfer follows a recently reported JPMorgan Chase sublease at the property, as detailed in our October 15 Credit Alert.

The $517.7 million Blackjack Portfolio loan (BX 2021-21M) transferred to special servicing in October, with special servicer commentary indicating that a three-month forbearance agreement was finalized to provide additional time to complete pending asset sales. The loan reached its October 2026 maturity and was reported as matured performing. The remaining collateral consists of six multifamily properties totaling 1,842 units following the release of Lakeside Villas, which resulted in a $51.6 million principal curtailment this month. At issuance, the portfolio comprised 21 multifamily properties totaling 6,671 units.