Silverstein Properties has officially acquired the 9 Dekalb Ave. mixed-use building in Brooklyn, according to recent reports. The New York City-based developer purchased the condominiums, rentals and retail at Brooklyn Tower for $672.6 million, as shown by New York City property records. Earlier this year, a senior loan of $424 million on the project was also acquired by Silverstein from Otera Capital.
The 1,067-foot tower located in Downtown Brooklyn was foreclosed on earlier this year by Silverstein after its previous owner JDS Development Group defaulted on its mezzanine loan of $240 million from Silverstein Capital Partners. An auction for the property was scheduled for June 10th but JDS agreed to hand over ownership through a deed-in-lieu of foreclosure.
In other news reported by Philadelphia Business Journal , TF Cornerstone Inc., based in NYC has taken control over most of the debt owed on historic Wanamaker building and is currently negotiating to acquire Center City Philadelphia office property that is facing financial difficulties due to unpaid mortgage balance worth $112 million.
According to recent reports from receiver Trigild , occupancy rates have dropped down significantly with only 23% occupancy rate remaining at present time since it went into receivership back in September last year which led debtholders pursuing foreclosure proceedings against it.
A development site spread across an area measuring up-to-35 acres located within Bucks County Pennsylvania that had been initially earmarked as potential location for large-scale mixed-use project will be put up under sheriff’s sale come August ninth after filing bankruptcy recently . This particular piece-of-property situated along Street Rd.in Bensalem belongs-to company controlled-by Jay Pandya who also happens-to-be owner-of national restaurant chain Boston Market .
Pandya bought former Armstrong Middle School premises formerly owned-by Bensalem Township School District via entity called ‘2201 Street Rd LLC’ paying sum totaling upto US$6.3 million back in June 2020. Philadelphia Business Journal reported that the company owes creditor Zee Bridge Capital LLC a sum of US$11.2 million.
Kroll Bond Rating Agency recently reported that Wells Fargo Bank, special servicer for mortgage worth $725-million against Hilton Parc 55 (1,024-key) and Hilton San Francisco Union Square (1,919-key), has hired Eastdil Secured to sell both properties . The CMBS loan defaulted little over year ago and was classified as being in foreclosure since September last year.
The two collateral properties are owned by Park Hotels & Resorts which had earlier indicated its unwillingness to inject additional capital into them or subsidize their debt-service payments last year . According to data compiled by Trepp from servicer reports , these two properties have been unable-to-generate positive cash flow ever-since 2020 when it went negative with amount totaling upto US$22.96 million .
In a recent turn-of-events just before site’s foreclosure sale Plaza Mariachi located at South Nashville filed for bankruptcy filing according-to Nashville Business Journal report published on July second this month . This particular move prevented scheduled sale from taking place as per David Anthony who is trustee responsible-for conducting such sales told ‘Nashville Banner’ .
Anthony also announced about granting sixty-day continuance of aforementioned sale while Mark Janbakhsh creator-of cultural hub paid total sum worth US$2.74million towards purchase price of former Kroger supermarket location back-in-2014 prior opening-up cultural hub during-year-2017.
San Francisco Chancery Building owner received notice-of-default according-to San Francisco Business Times after JPMorgan Chase served CPH564 LP with one this week following lender providing loan totaling upto USD30-million towards property acquisition during-year-2018 via Chelsea Pacific Holdings LP affiliate-company called CPH564 .
Filing details show how CPH564 failed behind on payments or did not meet other obligations related to its mortgage agreement which signals lender’s ability of initiating foreclosure proceedings. As per recent reports CPH564 received forebearance from JPMorgan Chase and is no longer at risk-of-foreclosure.
