Bondholders invested in a $506M CMBS loan tied to a 53-building New York City apartment portfolio are being forced to watch their losses rack up as a rent freeze looms over the mostly rent-stabilized properties. There is also $93.7M of mezzanine debt, according to a presale report for the CMBS loan. Although a rent freeze has yet to take place, the borrower has suffered from operating expenses running 13% above expectations, Bloomberg reported. A&E is among the largest landlords in New York City, managing more than 20,000 apartments. The city's Rent Guidelines Board in June approved a rent freeze that is set to go into effect in October.