According to a report by the Cincinnati Business Courier, one of the original developers involved in the Tri-County Mall project has formed a new ownership group and successfully repurchased the property in Springdale, OH. This has reignited hopes for its transformation into a mixed-use development with an estimated cost of $1 billion. The 76-acre property was reacquired through AV Cincinnati Acquisition LLC by Houston-based MarketSpace Capital, after originally being purchased by them and Dallas-based Park Harbor Capital in March 2022 with funding from Utah-based Reef Private Credit. However, due to defaulting on their loan late last year, Reef launched a foreclosure suit against them. A settlement was reached in May which gave them until June 2nd to come up with $28 million for repurchasing the property; they were able to extend this deadline until early July after paying an additional $400,000.
Trepp reported that Affinius Capital and Patrinely Group’s joint venture is currently negotiating turning over their Columbus Center office property located at Coral Gables FL – measuring at 263171 square feet -to their lender through deed-in-lieu of foreclosure proceedings.The current outstanding loan amount on this building stands at approximately $67 million as provided by Varde Partners towards end-2020.However,the venture had plans earlier on renovating it’s fourteen-story structure situated about six miles westward from Miami downtown,in order increase occupancy rates upto eighty-three percent as some tenants were expected vacate.But unfortunately,the occupancy rate declined instead.As per Trepp data compiled till March,this building only managed sixty-two percent leasing compared seventy-one point eight percent during initial months.
Another piece published via Trepp stated that Thomas Roszak & Mike Moceri led local developer group are surrendering possession rights over Chicago based office complex covering area spanning across two hundred ten thousand three hundred eighteen square feet (210318 sq.ft)located @145 S.Wells St.to their lender through deed-in-lieu of foreclosure proceedings.The loan amounting to $56.8 million was provided by Fortress Investment Group in November 2021 and is due for maturity this December.Roszak & Moceri had developed the building back in 2019.However,last year it’s occupancy rate stood at fifty percent with cash flow deficit as per Trepp data compiled.It was projected that once fully occupied,the building would generate a cash flow worth $5.64 million.
The Minneapolis/St.Paul Business Journal reported that Hennepin County officials have issued an official notice regarding sale of Wells Fargo Plaza,a twenty-four storey office tower located off Interstate-494,in Bloomington,Minnesota during September foreclosure auction open to public.This comes after owners defaulted on mortgage worth $44.8 million for the property measuring four hundred fifty thousand square feet (450000 sq.ft)located @7900 Xerxes Ave.Notice filed by lawyer representing lender stated that auction has been scheduled for September twelfth at ten am inside Hennepin County Sheriff’s Office situated downtown Minneapolis.
According to Dallas Business Journal, three multifamily properties owned by Tides Equities LLC based out of California are facing potential foreclosures as a result of aggressive buying spree earlier this decade.The apartment complexes situated across Fort Worth,Arlington & Dallas were listed up for foreclosure auctions early August.Outstanding loans on these properties stand close to ninety-million dollars.Some other Tides’ DFW region properties faced similar threats while some have already been sold.
Morningstar Credit reports show several loans within Freddie Mac deals being transferred into special servicing during July reporting period.While majority are small balance loans,two larger ones also moved.Capital Crossing Apartments($42.8million|FREMF2019-KF73)transferred owing imminent monetary default after reporting sub-one point zero times debt service coverage ratio(DSCR)for consecutive years.Property located in Maryland suburbs of Washington DC has managed to maintain revenue levels above underwritten figures but expenses have almost doubled.Meanwhile,Pavilion Apartments($37million|FREMF2017-K726)moved due to maturity default after sixty-day deferral window for refinancing loan expired.Property situated at Newark,New Jersey reported robust metrics during year-end 2023 with net cash flow thirty-four point four percent higher than issuance levels and hundred percent occupancy.
