The Portland Business Journal recently reported that the Five Oak building, located at 421 S.W. Oak St. in downtown Portland, OR, was returned to investment management company Nuveen after being foreclosed on in August with an outstanding loan balance of $44.2 million. This same group had also acquired the Sixth + Main building in a deed-in-lieu-of-foreclosure deal late last year.
In Washington D.C., several mixed-use properties totaling nearly 888,000 square feet were sold at a foreclosure auction for $83.7 million to an undisclosed bidder who was the sole bidder present on Wednesday. According to sources from The Washington Business Journal , these properties were previously appraised at $365.6 million and went up for auction after JBG Smith Properties stopped paying their loan and wrote off the properties as having no value.
Yellowstone Real Estate Investments has taken possession of Manhattan’s Maxwell Hotel through foreclosure proceedings after holding a troubled mortgage worth $170 million against it according to Trepp and Crain’s New York Business . The hotel had been purchased by Capstone Equities and Highgate Holdings using funds provided by LoanCore Capital back in 2018 when it was known as “The W”. It has since remained closed for four years with its original loan maturing two years ago.
San Francisco’s former Westfield mall is scheduled for foreclosure auction this November according to reports from The San Francisco Business Times . Lenders Deutsche Bank AG and JPMorgan Chase have served borrowers Brookfield Property Partners LP (now known as Brookfield Asset Management) with notice that their property will be sold publicly unless they pay off more than $625 million owed before then.
Crain’s New York Business reports that Chetrit Organization may lose ownership of two office buildings – one located within SoHo (428 Broadway) while another sits within Financial District (1 Whitehall St.) – due defaulting on loans backed by the properties. LoanCore Capital Credit has filed two separate lawsuits seeking to force a sale of these buildings.
Boston Business Journal reported that a $160 million loan tied to an office building in Boston’s Back Bay neighborhood was placed into special servicing after its landlord, New York-based Capital Properties, ran into cash flow issues following WeWork’s departure from the property. The debt was transferred last month for imminent default.
Morningstar Credit reports that Braddock Metro Center ($72.3 million) has been moved to special servicing due non-monetary default by borrower who sought modification of their cash management agreement when DSCR dropped below 1.20x on this Alexandria, VA office property (BMARK 2018-B2 & CGCMT 2018-B2).
Stevens Center Business Park ($47.8 million), backed by an office park located in Seattle suburb Kirkland WA and accounting for roughly one-eighth of JPMBB 2014-C23 and CMBX index exposure (.08%), is now being serviced as it missed its September maturity date despite staying current throughout term with occupancy rates above ninety percent but net income falling twenty-three percent short of underwritten figures according Morningstar Credit .
