Portland, Oregon’s third-largest office building, Montgomery Park, was recently sold to its creditor Natixis for $37.7 million in a foreclosure auction. The property previously traded for $255 million in 2019 and had been facing financial struggles since last September when Natixis filed a notice of default on the nearly $150 million debt tied to the 756,000-square-foot building.
In San Antonio, DB Capital Management has returned ownership of Summit at Salado Creek apartment complex back to lender Benefit Street Partners after acquiring it under the entity 12727 Vista Del Norte DB LLC in 2021 with a loan from Benefit Street. The property was valued at $50.35 million according to a recent assessment report by FBRT Salado Creek Owners LLC.
A nonperforming loan worth $95 million is being marketed for sale as reported by the San Francisco Chronicle . This loan backs an office property located at 180 Grand Ave. in Oakland and is currently only occupied up to about two-thirds of its capacity compared from almost full occupancy when purchased by Harvest Partners and KKR (now sold off) who paid AXA Investment Managers over one hundred nineteen millions dollars ($119M).
Mosser Cos., defaulted on an eighty-eight-million-dollar load against twelve apartment properties totaling four hundred fifty-nine units located throughout San Francisco according Trepp’s report . An unknown lender provided financing back in twenty eighteen while these apartments were ninety-four percent occupied with value estimated around one hundred fifty-four-million-dollars ($154M). However today they are only eighty-two percent occupied resulting Cushman & Wakefield being hired offer new terms.
The SoHo Portfolio Loan which amounts seventy-six point five millions dollars (76.M|8% COMM-DC1) transferred into special servicing due thirty days delinquent payments during February remittance per Morningstar reports . Located within Manhattan’s SoHo neighborhood this portfolio has been struggling since issuance due to tenant turnover and increased real estate taxes. However, occupancy has improved from thirty-three percent in 2021 to seventy-two percent in 2022 and finally reaching one hundred percent by end of twenty twenty-three after several vacancies were filled.
Toy Real Estate Co., is behind on payments for a loan tied to their acquisition of downtown San Francisco office property located at six hundred four Mission St. back in twenty eighteen for $29 million according the San Francisco Business Times . The firm was served a notice of default on February twelfth this year by an affiliate lender Market Real Estate Partners who assumed the loan when they sold it.
The owners based out Texas have defaulted on their $28-million-dollar load from Reef Private Credit LLC which has resulted into foreclosure proceedings against Tri-County Mall as reported Cincinnati Business Courier . Despite this setback, the owners are still determined move forward with plans redevelop site known Artisan Village worth over billion dollars ($1B).
A federal court motion filed last Friday seeks reject Chapter eleven bankruptcy case that prevented Alex Cooper Auctioneers foreclosing Mount Vernon Triangle’s Holiday Inn Express two years ago per Washington Business Journal report . SSHCOF II Washington DC LLC (affiliate Atlanta’s Peachtree Group) claims creditor Welch Family Limited Partnership Nine had no right file involuntary bankruptcy petition just days before auction was scheduled take place.
Morningstar reports imminent modification New York Hospitality Portfolio Loan (UBSCM 2018-NYCH). Borrower agreed terms nine-month maturity extension backed seven extended-stay hotels throughout Manhattan transferred special servicing second time October Twenty-twenty three due imminent maturity default previous workout modified extending date February Twenty-twenty-four exchange ten-million-dollar paydown debt mezzanine lender foreclosed portfolio assuming obligations original loan agreement.
