''CRE investors have gotten a rude reminder of how badly investments can go. Those in the AAA tranche of $308 million debt backed by 1740 Broadway in midtown Manhattan received only 74% of their money, in May. The loan sold at a steep discount. Creditors in the five lower groups were totally wiped out. The 1740 Building was formerly called the Mutual of New York, or MONY, building. It was bought for $605 million by Blackstone in 2014. To help finance the deal the firm took out a $308 million mortgage, which was packaged into a CMBS and scooped up by the likes of Travelers Cos., Endurance American Insurance Co., and others.'' https://lnkd.in/exzT2jN3