The Kalahari Resort Pocono Manor property, which backs a $350 million loan (GSMS 2023-FUN), maturing in March 2027, is expected to be refinanced with a new floating-rate CMBS loan originated by JPMorgan Chase. The new financing would be collateralized by the 977-key, full-service, Kalahari Resort Pocono Manor hotel property, as well as a 314-key portion of another Kalahari Resort in Sandusky, Ohio. The takeout loan is expected to have an initial two-year term with three 12-month extension options.

An updated appraisal reported during the April 2026 remittance period valued the collateral securing the $350.0 million ADV Portfolio loan (CSMC 2021-ADV) at $126.8 million ($67/sf), down 29% from the prior $178.9 million ($95/sf) valuation and 55% from the December 2023 appraisal of $279.9 million. Additionally, an appraisal reduction amount (ARA) of $266.4 million was applied. The collateral originally consisted of eight suburban office properties totaling 2.2 million sf across the Atlanta and Chicago MSAs, however, TownPark Commons (349,592 sf) was liquidated from the trust in March 2025 following a foreclosure sale. As of April 2026, cumulative ASER totaled $32.7 million and servicer advances, inclusive of interest, totaled $13.1 million.

The $54 million 12555 & 12655 Jefferson loan (JPMDB 2019-COR6), which is pari passu with $57 million in senior debt outside the trust, transferred to special servicing in April after becoming more than 90 days delinquent. The loan is secured by two adjacent class-A office properties totaling 193,908 sf in Los Angeles, CA. The collateral has experienced continued occupancy and cash flow pressure following the 2022 departure of WeWork, which previously occupied 43% of the GLA. Most recent reported occupancy was 57% as of September 2025. However, KCP research identified 73% of the space as being marketed as available.

The $29.1 million Intellicenter loan (COMM 2015-CR27) was designated for foreclosure following the expiration of its forbearance agreement. The loan is secured by a 203,509-sf, class-A suburban office property in Tampa, FL. KCP highlighted an updated appraisal in a January 2026 credit alert that valued the collateral at $20.4 million ($100/sf), directly in line with our concluded value. The loan transferred to special servicing in July 2025 due to imminent monetary default and failed to pay off at its October 2025 maturity. It was modified in January 2026 to include a forbearance period through March.

A September 2025 appraisal reported in April valued the $536.0 million AON Center (JPMCC 2018-AON, BMARK 2018-B4, BMARK 2018-B5, BMARK 2018-B7) at $330.5 million ($117/sf), down 20% from the May 2023 appraisal of $414.0 million ($149/sf) and 60% from the issuance appraisal. The appraisal value closely aligns with KCP’s concluded value. The collateral consists of a 2.8 million-sf office property in downtown Chicago. The loan transferred to special servicing in February 2026 for imminent monetary default.

An updated appraisal valued the collateral securing the $35.4 million Meridian at Brentwood loan (COMM 2015-LC21) at $33.5 million ($138/sf), representing a 42% decline from the issuance appraisal of $57.8 million ($239/sf) and falling below the loan balance. The loan transferred to special servicing in January 2026 upon maturity default. The largest tenant, BJC Health System (52%), indicated it would vacate upon lease expiration in December 2025. The loan is secured by a 242,235-sf, mixed-use office and retail property in Brentwood, MO, approximately 10 miles west of downtown St. Louis.

Datasite signed a new, 76,000 sf (10% GLA) lease at 3 Columbus Circle (BMARK 2019-B10; multiple conduits) in March 2026. This lease marks the largest space acquisition at the subject since 2020. The $595.0 million loan is secured by the borrower's fee simple interest in a 753,713-sf office building in Midtown. The new lease implies the property is now fully occupied, up from 90% occupancy as of September 2025.

Robin Hood signed a 30-year lease for 53,000 sf (20% of GLA) at 841-853 Broadway (BMARK 2025-V16). The collateral is a 265,119-sf office property in Manhattan’s Union Square neighborhood that secures a $56.5 million loan. The poverty-relief nonprofit is relocating from its current offices at 826 Broadway and will occupy the entire fifth through eighth floors of the subject property. This lease is expected to bring the property to full occupancy.

The collateral securing the $160 million Park Square loan (BANK 2017-BNK8, BANK 2017-BNK9) is expected to revert to the trust in the near term following a winning foreclosure auction bid of $95 million ($189/sf) by the special servicer, LNR Partners. The 503,312 sf, class-B office building is located in Boston’s Back Bay neighborhood and was last appraised in October 2024 for $125 million ($248/sf), down from $281 million ($558/sf) at issuance.

Snap Inc. (68% of GLA) expanded its space at 110 Atrium (LNCR 2021-CRE6) by an additional 42,000 sf in Q1 2026, increasing its footprint to more than 158,000 sf. The 232,367-sf office building in Bellevue, WA is collateral for a $104.8 million loan with a September 2026 fully extended maturity. This development follows Snap’s 38,730-sf expansion in late 2024 and appears to have offset vacancy created by Okta’s (formerly 16%) departure in January 2025. Based on space marketed for lease as of April 2026, occupancy is estimated at roughly 74%.