Savanna Fund: Savanna's CMBS Loan on 521 Fifth Avenue Sent to Special Servicer

There's trouble in paradise for Savanna - paradise being the Bryant Park submarket. The office landlord's commercial mortgage-backed securities (CMBS) loan on 521 Fifth Avenue is headed to special servicing after multiple extensions to its maturity date. Deutsche Bank provided the $242 million CMBS loan in 2019 for Savanna's $381 million purchase of the building [...]