A well-known office building located in Houston’s Galleria area, designed by renowned architect I.M. Pei, is up for sale due to a Chapter 11 bankruptcy filing. The Houston Business Journal reported that Hilco Real Estate Sales has set a deadline of June 14 for bids on the property at 2425 W. Loop S., as ordered by the U.S Bankruptcy Court for the Southern District of Texas.
The Holiday Inn Manhattan View recently liquidated this month resulting in a total loss according to Morningstar’s report. The Long Island City Hotel was originally scheduled to mature during COVID and moved into special servicing in February 2020 where it remained until its closure and loss of flag during the pandemic.
Morningstar also noted that this month’s remittance included the liquidation of 1740 Broadway which resulted in significant losses across all classes including roughly a quarter loss on class A loans.
Equitable Plaza, located in New York with an outstanding balance representing over one-fifth (20.4%) COMM2014-UBS3 loan pool has been transferred to special servicer after borrower stated inability to pay off loan upon maturity date June 2024 per Morningstar report; occupancy declined from initial issuance rate (86%) down most recently reported September ’23 at just above half capacity -57%.
Denver District Court Judge J Eric Elliff denied request made Monday by Zeppelin Station owners who sought receivership management from longstanding Denver company instead court kept Wells Fargo lender choice Stapleton Group authorized “reasonable & appropriate” actions be taken preserving value collateral $32M Rino Tod LLC subsidiary Zeppelin Development took out ’19 ownership four-story building @3501 Wazee St.
In Kansas City, MO limited receivership placed upon luxury complex City Club Apartments Crossroads Arts District after previous owner indicated abandonment amid defaults financial obligations reports Kansas City Business Journal . Located along streetcar route opened last year developer LLC told $80M loan holder could no longer operate and would “walk away” from 283-unit community at 1989 Main St.
