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Fiserv Alpharetta office loan moves to special servicing
Morningstar Analytics said the loan was transferred after the borrower missed its August maturity date, and the near-term lease rollover is likely to steer lenders toward modifications rather than payoffs.
A more than $56 million loan tied to Fiserv’s Atlanta-area office complex in Alpharetta has been moved to special servicing after the borrower missed its August maturity date, according to Morningstar Analytics. The loan is secured by the 2900 Westside Parkway property, part of a two-building office campus totaling 376,000 square feet. Morningstar said the move reflects that Fiserv’s lease for the entire complex is scheduled to expire in August 2027, creating obstacles for a takeout loan. Morningstar Associate Managing Director David Putro said that even if the property is performing well, the 2027 lease expiration makes refinancing less feasible when lease terms introduce tenant risk. He added that short-term loan extensions are likely until the lease matter is resolved, followed by refinancing under more certain lease terms. The campus was acquired in 2016 by LCN Capital Partners, which bought the property from M&J Wilkow for $93 million. Morningstar said Rialto Capital Advisors took control of the loan on Aug. 12 to determine the best course of action, and that short, single-tenant lease terms are likely to result in modifications rather than payoffs.