Creative Media & Community Trust Corp Defaults on $97.1M Mortgage
Creative Media & Community Trust Corp (CMCT) announced it received a notice of maturity default on July 9, 2026, for its non-recourse mortgage on 1 Kaiser Plaza. The loan, with an outstanding principal balance of $97.1 million, matured on July 1, 2026. While the company remains current on interest payments, it chose not to invest additional capital required for refinancing. The lender has demanded immediate payment in full, and all property income is now considered the lender's property, with the loan accruing interest at a default rate. CMCT is evaluating options for a resolution.
Key Highlights
- Creative Media & Community Trust Corp received a notice of maturity default on July 9, 2026.
- The default is on a non-recourse mortgage for 1 Kaiser Plaza, which matured on July 1, 2026.
- The aggregate outstanding principal balance of the loan is $97.1 million.
- The company remains current on monthly interest payments but elected not to invest additional capital for refinancing.
- The lender, KeyBank National Association (as servicer), has demanded immediate payment in full.
- Upon default, all rents, profits, and income from the property are now the property of the lender.
- The loan will accrue interest at a default rate of five percent above the original 4.14% per annum.
Price Impact
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