Willis Tower Debt Put in Special Servicing, Fitch Says
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Debt on Willis Tower, formerly the tallest U.S. building, was put in special servicing after the borrower requested a loan modification, Fitch Ratings Inc. said.
“The borrower anticipates significant capital costs going forward in order to secure additional new leases,” the rating company said in a report yesterday, citing commentary from the servicer. The Willis Tower debt, which was packaged and bundled into commercial mortgage-backed securities, was transferred to special servicing because of “imminent monetary default,” Fitch said.