Martin Selig Real Estate faces increasing financial difficulties, having placed seven older office properties into receivership amidst an inability to manage its $239 million debt. After laying off 86 workers, the company must now navigate complex negotiations with its special servicer, CW Capital, to potentially modify its loans. The occupancies of its buildings have sharply declined from 92% in 2017 to 69%, indicating a challenging market. The properties, older Class A and B buildings, need capital for leasing and improvements, and amid high interest rates and waning property values, attracting investments looks increasingly difficult for the firm.
Martin Selig Real Estate is facing severe financial strain, with seven properties in receivership due to unpaid debt and declining occupancy, leading to significant worker layoffs.
As the largest independent developer in the Pacific Northwest, Martin Selig Real Estate has seen a drastic decline in occupancy rates in its office buildings, resulting in a default on $239 million in loans.
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