Fortress Investment Group’s affiliate has acquired ownership of assets in New York and Florida that were previously controlled by LLCs under Charles S. Cohen. The purchase, which was made through a court auction for $148.7 million, is believed to be the largest Uniform Commercial Code auction on record.
The properties included in the acquisition are the Design Center of the Americas and Le Méridien Dania Beach hotel in Dania Beach, FL, as well as the former Doral Arrowwood golf club in Rye Brook, NY. This action was taken after Fortress filed a lawsuit against Cohen earlier this year for defaulting on loans totaling $533.6 million.
In Southern Pines NC One LLC tied to Anthony Dilweg (CEO and founder of Dilweg) sold off its property at 150 W New Hampshire Ave., Southern Pines NC via an auction held on Nov 12th with HomeTrust Bank being named as high bidder at $3.3 million according to Triangle Business Journal . Records show that this property was owned by Southern Pines NC One LLC which is connected to Anthony Dilweg who serves as CEO and founder of Durham-based company “Dilweg”.
A campus consisting of three major office buildings located in Memphis went up for auction recently according to Memphis Business Journal . The Thousand Oaks Business Center spans over 422000 square feet across an area covering approximately thirty-two acres; it had been listed with CBRE’s John Lamberson & Terry Radford along with Casey Harrell from Ten-X until November 13th when bidding closed down completely due lackluster occupancy rates reported at only around twenty-five percent compared seventy-six percent during March last year when marketing materials were first released.
Albany County Courthouse will host another mortgage foreclosure sale scheduled December nineteenth nine o’clock morning rotunda building seventeen-twenty-one North Pearl Street downtown Albany NY reports Albany business review following dismissal Chapter Eleven bankruptcy petition owner postponed August first. The building, which spans over forty-thousand square feet and has three floors, was previously leased to Walgreens but is now vacant.
A $260 million securitized loan on 5 Penn Plaza in Midtown Manhattan has been moved to special servicing as of the November remittance. Morningstar Credit had been monitoring the property due to declining occupancy rates (76% compared to 97% at issuance) and weakening cash flow. The loan is set to mature in January 2026 with an additional $40 million mezzanine debt.
Another property that has recently moved into special servicing is Park Place East and West located in St. Louis Park, MN with a total loan amount of $51 million (5.4% of CGCMT 2018-B2). While the reason for this transfer was listed as “Other”, it’s worth noting that both buildings have experienced low occupancy rates for several years now with DSCR below breakeven according to Morningstar Credit reports; this can be attributed largely due downsizing by original largest tenant Metropolitan Council along departure former second-largest tenant Strayer University since issuance date.
