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by Rosen's firm, RFR, has been granted temporary reprieve on its $219 million senior loan for 285 Madison Avenue, but it's unlikely to be enough to save the office tower from default. The mortgage had matured in May, and while a few months' forbearance was secured, Rosen and partner Michael Fuchs were unable to refinance the debt by November, according to Morningstar.

    The problems at 285 Madison are compounded by a recent court order requiring RFR to pay its mezzanine lender $18 million. The firm had defaulted on the building's subordinate debt in February. Despite a 96% occupancy rate, net cash flow has fallen over 50% in six months, and the property has been underwater since at least 2022.

    Rosen was able to secure an extension through 2024 but couldn't improve performance. The senior loan carried an interest rate of just 3.8%, while any refinancing would likely require a higher rate and additional equity from RFR. With multiple foreclosures underway, the last thing RFR wants is to make a capital call to investors for 285 Madison.

    A spokesperson for RFR said the firm remains committed to the property and looks forward to working with the special servicer. However, it's unclear what options are left for Rosen and his team as they navigate this challenging situation.