According to the South Florida Business Journal, The Gabriel hotel located at 1100 Biscayne Blvd. in downtown Miami was recently transferred to its lender through a deed in lieu of foreclosure with a value of $62 million. The previous owner, CGI 1100 Biscayne Management (controlled by CGI Merchant Group), defaulted on their loan and voluntarily gave ownership to Madison Realty Capital Debt MA I Holdings B LLC.
In Pittsburgh, the main lender for 11 Stanwix – one of downtown’s largest office buildings at 426,000 square feet – sold off their mortgage as part of a larger portfolio strategy through a deed in lieu of foreclosure process. Canadian Imperial Bank of Commerce sold the loan balance on this property to Kairos Investment Management based out of Irvine, CA.
The federal government will be foreclosing on Paul Brown Lofts located in downtown St. Louis and offering it for auction according to the St. Louis Business Journal . This building was financed by HUD and completed into apartments with ground-floor retail space back in 2005 with an insured loan amounting up to $28.9 million.
A borrower who owes $51.7 million on one single loan tied across fifteen commercial properties throughout Greater Washington has recently been transferred into special servicing due maturity default according Washington Business Journal . These properties include four locations within Old Town Alexandria as well as twelve others within District Columbia which were originated back July2014 by Royal Bank Scotland before being sold that same year CMBS trust fund now under special servicing since July18th ahead August1st maturity date.
Morningstar Credit reported that Cincinnati Multifamily Portfolio ($39M |6%ofBMO2023-C5)was also moved into special servicing during August2024 due maturity default.The portfolio consists two garden-style multifamily properties totaling375 units occupancy rate98%as March2024.Reason transfer workout strategy flagged “Other.”
Memphis Forum($31M|6.2%ofJPMBB2014-C23)was also transferred to special servicer in August2024 due maturity default,according Morningstar Credit.The 342,420-square foot office generated a DSCR of1.02xin2023 with net cash flow25%below underwritten level.Occupancy rate was72%as March but decreased from91%during issuance.
Maple Creek Village ($28M | 4.7%of BMO2023-C6), a multifamily property with247 units located in Indianapolis, was moved into special servicing during July according to Morningstar Credit.Reason for transfer has not been provided yet.This loan is interest-only and will mature in August2033.Loan payments were current as of August.
The Gabriel hotel at 1100 Biscayne Blvd. in downtown Miami recently changed hands through a deed-in-lieu transaction valued at $62 million, reported the South Florida Business Journal . The previous owner CGI Merchant Group relinquished control of the property after their loan defaulted and it was transferred to Madison Realty Capital Debt MA I Holdings B LLC.
In Pittsburgh, the main lender for one of downtown’s largest office buildings -11 Stanwix- sold off their mortgage as part of a larger portfolio strategy through deed-in-lieu process reported by Canadian Imperial Bank Commerce who sold it Kairos Investment Management based out Irvine CA
According St.Louis Business Journal ,the federal government plans foreclose on Paul Brown Lofts located downtown St.Louis offering auction.HUD helped finance redevelopment this building which completed into apartments ground-floor retail space back2005 insured loan amounting up$28.9million.
A borrower owing $51million single tied across fifteen commercial properties Greater Washington recently moved into special servicing due maturity default according Washington Business Journal .These properties include four Old Town Alexandria twelve District Columbia originated back July2014 Royal Bank Scotland before being sold that year CMBS trust fund now under special servicing since July18th ahead August1st maturity date.
Morningstar Credit reported Cincinnati Multifamily Portfolio ($39M |6%ofBMO2023-C5) moved into special servicing during August2024 due maturity default.The portfolio consists two garden-style multifamily properties totaling375 units occupancy rate98%as March2024.Reason transfer workout strategy flagged “Other.”
Memphis Forum($31M|6.2%ofJPMBB2014-C23)transferred to special servicer in August 2024 for maturity default,according Morningstar Credit.The 342,420-square foot office generated a DSCR of1.02xin 2023 with net cash flow25%below the underwritten level.Occupancy rate was72%during issuance but decreased from91%.
Maple Creek Village ($28M | 4.7 %of BMO2030- C6), a multifamily property with247 units located in Indianapolis, was transferred to special servicing during July according to Morningstar Credit.Reason for transfer has not been provided yet.This loan is interest-only and will mature inAugust2033.Loan payments were current as of August.
