Radom Capital, a Houston-based real estate investment and development firm specializing in mixed-use properties, has acquired the retail portion of StoryBuilt’s Willa mixed-use condo development on South First Street in Austin. The purchase was made out of foreclosure and facilitated by Chris Bourne and Travis Brown of Guaranty Bank & Trust. Brokerage services were provided by Doug Rauls and Chris Boyd from Colliers International. Last year, Los Angeles-based Stapleton Group was appointed as receiver for StoryBuilt’s finances after the developer voluntarily entered into receivership.
According to the Baltimore Business Journal , a prominent office tower located downtown has been sold at auction for significantly less than its previous sales price. The 28-story Class A tower at 201 N Charles St sold for $2.55 million during an online auction on Ten-X that lasted three days. This is much lower than its previous sale price of $4.l million when it went into foreclosure in 2022.
The Phoenix Business Journal reported that the historic Heard Building located downtown has been purchased by new owners -the Chavez family- following an auction held on Nov 26th . The eight-story office high-rise had previously gone up for auction after SMS Financial VW LLC filed a notice earlier this year stating their intent to sell off assets including this property which they currently manage as part of their portfolio worth over $140 million across Arizona.
JLL’s Capital Markets division is marketing what they call “nonperforming loan” backed by One Oxford Centre -a one-million-square-foot office building situated along Grant Street within Pittsburgh’s central business district (CBD). San Francisco based investment firm Shorenstein bought it back early last year but still owes approximately $93Mn against current value far below initial purchase cost according to JLL executive managing director John Pelusi who heads up Pittsburgh team Mark Popovich handling marketing efforts here too!
Morningstar Credit reports that Autumn Lakes ($30Mn | 3.0% of BBCMS 2022-C15 | CMBX.16) has been transferred to special servicing after receiving a notice of default for non-compliance with KYC requirements. The property is backed by a multifamily complex in Newport News, VA and subject to LIHTC program that expires in 2030.
811 Wilshire ($35Mn |10.7% COMM2014-UBS6), an office building located in Los Angeles, was recently transferred to special servicing due its failure meet maturity date this month according Morningstar Credit report . As per June’24 occupancy figures from leasing page maintained by Cushman & Wakefield suggest current occupancy around ~60%.
