Metropolitan Life Insurance Co. has acquired the 166,000-square-foot office property at 240 W. 35th St. in Midtown Manhattan through foreclosure proceedings on a mortgage it had provided in 2018, as reported by Trepp. The company made a $30-million credit bid at the May 29 auction for the property, which was built in 1924 and renovated in 2009 and previously owned by Atco Properties & Management for $108 million since its purchase in June of that year.
The loan on Grants Pass Shopping Center ($24.9 million |78.l% of COMM2007-C9| CMBX .4) has been sold according to Morningstar’s report with an exact stated sales price of $24 .7 million which aligns with both its loan balance and most recent appraised value set at S24 .3million.The retail property had been under special servicing for over seven years before becoming REO four years ago.CBRE’s Dino A.Christophilisand Daniel Tibeau represented LNR Partners who were selling this asset.
A maturity default led to transferal into special servicing this monthfora$66-4-millionloanbackedbytheTownEastMallinMesquite,TXwhichcomprised41%ofBBUBS2012-TFTaccordingtoMorningstar.ThisloanwasoriginallysettomatureinJune2020butwasmadeover twicewiththesecondmodificationpushingfinalmaturitytoJune2024.Thesecondloaninthedeal,Tucson Mall,hadthesamefinalmaturitydatebuttransferredtospecialservicingtwomonthsearlier.
Last month,the borrower Pyramid announced their inability to make a payment required to achieve debt yield needed exercise second one-year extension optiononthe$430-milionDestinyUSAloans(JPMCC20l6-DSTY),asreportedbyMorningstar.Thisspeciallyservicedloanhasalreadybeenmodifiedtwiceformaturitydefault.TheSyracusemall,thelargestinNewYork,isdividedintoPhaseIandPhaseII.The mall’sappraisedvaluehassignificantlydecreasedfrom$710millionin2014to$133 million in 2023 since its issuance.
The JW Marriott Chicago, a 610-key hotel in Chicago is being offered for sale by Rialto Capital according to Trepp who cited Crain’s Chicago Business. The property at 151 West Adams St., was appraised at $228.1 million this March and has no asking price as JLL markets it on behalf of Rialto who acquired the property through foreclosure on a $79 .3-million loan back in 2022.
Simon Property Group Inc., owner of Philadelphia Mills is currently negotiating with debtholders to surrender ownership of the Northeast Philadelphia mall as reported by the Philadelphia Business Journal. The company plans to hand over ownership of this asset which had previously been financed through four notes comprising its S290-million loan that matured last June.
