Hilton Woodcliff Lake, a hotel in New Jersey, was recently sold at auction for $18.8 million to a development group owned by Minnesota Vikings owner Zygi Wilf. The winning bid was not disclosed but the hotel will be closing its doors later this month according to NJ.com. The property became REO in May 2022 and had an appraisal of $22.5 million in March 2023.
In Elizabethtown, KY, the Towne Mall has been sold for $9.27 million to local investor TDA Properties with assistance from Spinoso Real Estate Group and Newmark handling the sale of this shopping center which defaulted on an $18.26-million mortgage last year.
A third Buffalo-area terminal previously owned by bankrupt trucking company Yellow has been purchased by Estes Express Lines for $8.33 million after another facility was bought last week by Pittsburgh-based trucking company Pitt Ohio for over double that amount according to Buffalo Business First .
All underlying loans backing JPMCC 2019-ICON transaction have moved into special servicing after failing to pay off at maturity as reported by Morningstar . A two-year extension is being pursued contingent upon sufficient credit enhancement provided by the borrower.
The office building located at 1515 Market St., Philadelphia is now under special servicing due its owner Accesso Partners defaulting on their loan worth nearly$60million taken out when they acquired it back in2014 says Philadelphia Business Journal .
Dulles View office complex located Herndon VA has been returned backto lender as Gemini Rosemont who initially secured a$60-million loan through JPMorgan Chase are now facing foreclosure action due them defaultingon their CMBS loan reports published sources .
300 E Lombard Street Baltimore could face delaysin moving State Department Budget Management offices there as it’s currently atriskof receivershipaccordingto BaltimoreBusinessJournal . This Class A property accounts for $28.6 million or 3.2% of WFCM 2015-C27 and has been in special servicing since March2022.
The Grant Building, one of downtown Pittsburgh’s largest office towers is facing foreclosure as its main lender Wilmington Trust seeks a total claim of over $37.8 million according to Pittsburgh Business Times . The building owner McKnight Grant Building Associates LP, an affiliateof McKnight Realty Partners are being sued by the bank after they defaulted on their mortgage taken outin2017.
A court receiver has seized control of an empty San Jose office building owned by Santa Monica-based Vista Investment Group who had leased it to Nio USA until October2023 reports Mercury News . This receivership status could leadto foreclosure proceedings against the property located at3100 N.First St., which was once occupiedby China-based electric vehicle maker Nio before vacating last year.
