The $800 million mortgage backing Stellar Management’s crown jewel office property has been sent to special servicing.  The transfer, which came at the request of the landlord, will allow Stellar to “explore a potential extension or other consensual modification,” according to Morningstar Credit Analytics data reported by Crain’s.  Stellar acquired the property in 2012 for $200 million before spending $268 million on renovations for the prewar buildings, installing a 19-story glass elevator tower between them. In the last four years, however, the vacancy rate at the 800,000-square-foot property has doubled, hitting 14 percent at the end of last year. Cash […]

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