PORT CHESTER NEWSWIRE: Banks Are Getting Nervous As G&S Investors Can’t Pay Its Bills In Port Chester And Some Elected Officials Worry That The Waterfront May Stiff The Village And Schools Too – By Brian Harrod.

 

IT'S HOW YOU KNOW: The Raw Port Chester News Feed PORT CHESTER NEWSWIRE: Banks Are Getting Nervous As G&S Investors Can’t Pay Its Bills In Port Chester And Some Elected Officials Worry That The Waterfront May Stiff The Village And Schools Too – By Brian Harrod PHOTO: An aerial view of The Waterfront at Port Chester shopping center PORT CHESTER: The Waterfront Shopping Center loan, which is secured by a 349,743-sf anchored retail property located on main street is in default to a multiple bank loan pool. The loan was transferred to special servicing in June 2020 for payment default and was over 90 days delinquent as of the December 2020 distribution date. The borrower, Greg Wasser of G&S Investors, requested a three-month forbearance in March 2020 due to the coronavirus pandemic, but defaulted on the loan while the request was being considered by the master servicer. Property occupancy was 94.9% as of June 2020. The property is anchored by Super Stop & Shop and AMC. Other major tenants include Bed Bath & Beyond, Marshalls and Crunch Fitness. All tenants at the property with the exception of Super Stop & Shop were ordered to close in late March 2020, but most have been able to reopen. The AMC Theater remains closed. Many of the tenants at the property have asked for rent abatements due to the state’s coronavirus restrictions on shopping, with some requesting permanent lease amendments.... https://portchesternewswire.com/index.php/2021/01/10/banks-are-getting-nervous-as-gs-investors-cant-pay-its-bills-in-port-chester-and-some-elected-officials-worry-that-the-waterfront-may-stiff-the-village-and-schools-too-by-brian-harrod/