Field Office, a Trophy Complex Unable to Find Tenants, Defaults on $73.8M Loan

They are daring them to repo the property. It’s a secured loan but if the thing it was secured with is no longer valuable… probably this ends with millions being removed from the principal of the loan and payments resumed

They'll take a loss on their equity invested because the cost of continuing to feed the mortgage payments until they could lease the space is greater. Likely that they'd never generate enough rent even if full to meet debt obligations, so in that case you just basically hand the keys back and let the bank figure out what to do with it.

Having toured this building in '21, it's going to take a long time before the occupancy is high enough to cover any debt service.

Outskirts of core office location in Portland, terrible access, delivered the building right before COVID. Just a bad outcome and really unfortunate timing.