Brooklyn-based CRE investor Mendy Steiner took his own life last month, leaving behind a family, a shellshocked community & a mountain of unpaid debts. CMBS bondholders are now trying to figure out how many securitized loans were sponsored by Steiner, and JPM noted recently that even on deals where the cash flow from the properties was more than sufficient for debt service, Steiner was very quickly delinquent on deals.
The word is that he had been looking for a portfolio-wide CMBS refi that would put him in a position to repay at least some of his debts (lots of loans from private players in Brooklyn and Lakewood, NJ). That obviously didn't take. More color via The Promote here - please lmk if such shares are useful/relevant here.
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