The third-largest office building in Portland, OR, Montgomery Park, has been sold to its creditor Natixis for $37.7 million in a foreclosure auction. According to reports, the property was previously traded for $255 million in 2019. Last September, Natixis filed a notice of default on nearly $150 million of debt tied to the 756,000-square-foot property.
DB Capital Management from Colorado has returned ownership of Summit at Salado Creek apartment complex in San Antonio back to Benefit Street Partners. The lender had provided a loan worth $45,145000 when DB Capital acquired the property under an entity called 12727 Vista Del Norte DB LLC in 2021. As reported by San Antonio Business Journal , the assessed value of this property was estimated at $50.35 million as per a valuation conducted last year and now Benefit Street has taken over control through FBRT Salado Creek Owners LLC and also assumed responsibility for the loan.
A nonperforming loan worth $95-million that backs an office building located at 180 Grand Ave., Oakland CA is up for sale as reported by San Francisco Chronicle . Currently occupied only up till seventy-two percent compared with ninety-five percent occupancy when Harvest Partners joined hands with KKR (which later sold its stake)to purchase this fifteen-story tower valued at one hundred nineteen dollars last year; JLL is handling this listing.
Trepp’s report states that Mosser Cos defaulted on an eighty-eight-million-dollar loan against twelve apartment properties comprising four hundred fifty-nine units across various locations within San Francisco city limits.The financing came from unknown lenders backin2018 and during origination these apartments were ninety-four-percent occupied and valued around one hundred fifty-four dollars but currently they are operating only upto eighty-two-percent capacity.Cushman & Wakefield have been hired specifically so they can offer assistance regarding repayment options available .
Morningstar recently published news stating that SoHo Portfolio loan worth $76.5 million which was 8% of COMM 2015-DC1 has been transferred to special servicing and the payments are now thirty days delinquent as per the February remittance report.Located in Manhattan’s SoHo neighborhood, this portfolio had been underperforming since its inception due to tenant rollover and increased real estate taxes but occupancy improved from seventy-two percent in 2022 to hundred percent by end of last year after filling up vacancies.
Toy Real Estate Co., a San Francisco-based investor acquired downtown office property at six hundred four Mission St for twenty-nine-million dollars back in two thousand eighteen but recently fell behind on their loan repayments.The San Francisco Business Times reported that an affiliate was served notice default for an eighteen-point-seven-five-million-dollar loan tied with this twenty-six-thousand seven-hundred ninety-four square foot site on twelfth Feb according public records.Toy took over responsibility when they bought it from Market Real Estate Partners.
The owners based out of Texas who own Tri-County Mall have defaulted on their twenty-eight-million-dollar Reef Private Credit LLC Loan leading into foreclosure.However, Cincinnati Business Courier stated that these owners won’t give up control easily as they plan redevelopment project named Artisan Village worth one billion dollars .
A lender behind Holiday Inn Express located within D.C.’s Mount Vernon Triangle filed a motion seeking federal court intervention against bankruptcy case which prevented foreclosure sale just before Alex Cooper Auctioneers could open bidding.Washington Business Journal reported SSHCOF II Washington DC LLC (affiliate Atlanta’s Peachtree Group) sought dismissal Chapter Eleven involuntary bankruptcy case filed by hotel creditor Welch Family Limited Partnership Nine only two days earlier.
Morningstar reports suggest modification imminent regarding New York Hospitality Portfolio Loan valued at two-hundred-ninety million-dollars (UBSCM2018-NYCH).Borrower agreed terms nine-month maturity extension.Loan backed seven extended-stay hotels located throughout Manhattan was transferred special servicing second time in October 2023 due to imminent maturity default.Previous loan modification back in 2021 extended maturity date till February twenty-twenty-four against ten-million-dollar paydown debt.As part of workout, mezzanine lender foreclosed portfolio and assumed obligations towards the loan.
