Lenders are seeking a buyer for $72.5 million in debt on the non-performing loan backing the Four Seasons San Francisco at Embarcadero, with potential to acquire the luxury hotel at a discounted price. JLL has been tasked with arranging the sale of this debt, which was originally from HSBC Bank and later sold to Waterfall Asset Management in 2022. Offers must be submitted by June 11.
Morningstar reports that One Riverway is scheduled for foreclosure auction in June due to defaulting on its $70.1 million loan (7.5% of COMM 2015-CR22). The office building located in Houston moved into special servicing after its largest tenant gave notice of vacating upon lease expiration earlier this year.
The owners of downtown Portland’s Dossier hotel face potential foreclosure due to lingering debt and slow market demand for guest rooms, according to Portland Business Journal . An auction is set for October if they do not bring their outstanding loan balance above $60 million by then.
San Antonio Business Journal reports that developer Harris Bay has defaulted on their loan tied to land intended for a boutique hotel project at 151 E Travis St., currently owing about $2.1 million from Equity Secured Capital prior before pandemic impacts hit last year.The land is scheduled go up for auction on June 4th.
Morningstar notes that Wyndham National Hotel Portfolio securitization (UBSCM2019-C18 & seven other conduits | CMBX15,CMBX16 & CMBX17) has been transferred into special servicing as it faces various defaults including failure comply with cash management requirements.The portfolio includes44 limited-service hotels across23 states secured under BMO2022-C1 pieceofthe overalldebt package .
A$47 .6-million securitizedloan backedby Officesat Broadway Station(4 .7%of WFRBS2014 -C22| CMBX .8) has moved to special servicing ahead of its August maturity, reported Morningstar. The loan is secured by a 318,000-square-foot office building in Denver and sawa1.58x DSCR for2023 after several years of volatile performance with occupancy dropping from 100% in2021to63%in 2022 before rebounding to82%in2023.
The REO Princeton South Corporate Center ($44.9 million,5 .8 %of MSBAM2016-C28)has seen its value decrease further this month to $27.6 million from the previous valuation of $34 .9million accordingtoMorningstar.The property transferred into special servicing earlier this year due declining occupancy and cash flow,and became REO in November last year.Currently,the Ewing,NJoffice assetis only53 %occupied.
A three-story Union Square building at532 Sutter St.,formerly home to San Francisco Playhouse Theatre,is now under new ownershipafter being seized by the lenderthis month.Wilshire Quinn Capital outofSan Diego foreclosed onthe propertyat auctionon May6thafterprevious owner,Oak Impact Groupfrom Lafayette,defaulted on a$6-millionpromissory noteoriginatedbyWilshireearlylastyear.As they look for anew buyer,Wilshire has reduced their asking pricefor532-536SutterSt.by35%,now listed at$5 ,575 ,000 .
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