Major Developments
Since New York State legalized recreational marijuana, operators are rushing to set up stores. There is a very high influx of cannabis operators looking for space in Manhattan.MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side. The loan was through an Israeli bond market.
Wells Fargo, acting as a trustee for commercial mortgage bondholders, is seeking to foreclose on Terzi’s property at 63 Spring Street, alleging Terzi has been in default on an $18.5 million CMBS loan since April 2020.
Andrew Kimball is expected to be appointed as the next leader of the Economic Development Corporation.