Commercial income-producing assets rental
Kohan enters 2026 with a better operating base, but the center of gravity has already shifted to refinancing. NOI and revenue rose meaningfully, yet funding cost and the much shorter maturity schedule make the next year a credit test far more than a valuation test.
Kohan's office layer is not one block but two very different moves: 311 South Wacker is already carried at fair value, so the upside there depends mainly on occupancy improvement, while the Manhattan portfolio is a discounted-debt transaction with higher optionality but lower vi…
Kohan's 2026 refinancing wall is not one block of debt but a ring of 8 very expensive loans, only some of which look like technical bridges that can be replaced without much friction. In the harder cases, the real question already moves beyond valuation and into asset quality, o…
Kohan's bond collateral package is a relatively strong closed ring of 8 assets, 21 entities, and pledged cash-flow channels, but it is not the same thing as the group's full property base and its value still depends on asset stabilization as much as on legal drafting.
