...- Morgan Stanley Capital I Trust 2021-230P is a U.S. CMBS transaction backed by a floating-rate, interest-only mortgage loan secured by 230 Park Ave., an office property in the Grand Central office submarket of midtown Manhattan. - We lowered one rating and affirmed four ratings from the transaction. - Since our last review in July 2023, we revised and lowered our expected-case value of the collateral property because we considered that three of the largest tenants (23.7% of net rentable area, 26.7% of S&P Global Ratings' gross rent) are currently subleasing their space, actively marketing their space for sublease, or have announced their intention to vacate at the end of their lease term in 2025. The loan, which has a reported nonperforming matured balloon payment status, was also transferred to special servicing on Oct. 19, 2023, for imminent maturity default. The loan matured on Dec. 8, 2023, and did not meet the conditions for the borrower to exercise its extension options. The special...
