Beacon Capital Partners has missed a further interest payment on the £429m loan on the CityPoint tower, EC2.
The failure to make an interest payment came as a standstill agreement with special servicer Morgan Stanley ended on 19 April.
Following the termination of the standstill agreement, in a note to the stock exchange Morgan Stanley said it “is now considering its options”.
Beacon and the bond holders and their securitised debt are currently working on a restructuring plan for the 703,382 sq ft City asset, at 1 Ropemaker Street.
A failure to restructure the debt could lead to a sale of the building.
jack.sidders@estatesgazette.com
