Spinoso Real Estate Group, the current receiver of White Marsh Mall in Baltimore since early last year, has officially purchased the shopping center for $190 million. According to Trepp, this acquisition includes taking on a mortgage of $186.84 million for 702,317 square feet out of the mall’s total 1.2-million-square-foot space. The loan was previously in special servicing since 2020 and was set to mature in 2021; however it has now been extended until May 2027.
In other real estate news reported by Boston Business Journal, an East Boston site that had plans for over one hundred apartments and condos is back on the market after being foreclosed by Rise Realty firm earlier this fall. The property at Gove and Frankfort streets used to be home to Our Lady of Mount Carmel Catholic Church but is now owned by Bank of New England who won it with a bid close to what they were owed – $9 million.
Martin Selig Real Estate is facing default on their loan worth over $200 million which backed two newer developments: Federal Reserve Building located downtown Seattle and solar-powered project called “400 Westlake” next door Amazon’s South Lake Union headquarters according Puget Sound Business Journal report from Novemeber15th . Lender Acore Capital Mortgage LP filed letters stating that Martin Selig defaulted on their loan which means buildings will be sold within thirty days without any further action needed from them as per King County Superior Court records . In response , Martin Selig released statement saying they might transfer ownership these properties through agreement with Acore as part broader strategy restructure debt while divesting select assets .
LNR Partners ,special servicer handling mortgage against Illinois Center Chicago valued at$24155million recently filed foreclosure proceedings against property according Trepp report due missed payments starting April2015.The original purpose behind obtaining this particular financing deal was help AmTrust Realty Corp purchase property located 111 E.Wacker Drive and 233 N.Michigan Ave. In2014, occupancy rate stood at73.6% but now it’s down to46%.
One Towne Square ,a suburban office complex in Southfield MI valued at $29.9 million which makes up5.9%of WFCM2014-LC18and CMBX8 has been transferred to special servicer before its December maturity date according Morningstar Credit . The last reported occupancy rate was85%in June2024 with net cash flow for that year being11.9 %lower than what was initially projected .
Another office building in Southfield MI called American Center worth$25million (6%) of JPMBB2014-C25and CMBX8 also went into default due missed payments as per Morningstar Credit report . While the current occupany rates exceed initial projections, there are upcoming lease rollovers involving four out five largest tenants.
Lastly , Woodland Falls a Cherry Hill NJ based suburban office space worth $23million(1%)of BANK019-BN23and CMBX13 has been sent over special servicing after missing multiple loan payments within past year according Morningstar Credit reports from November2023.The most recent remittance showed delinquency period lasting90+days while cash flow steadily decreased with end-of-year net income dropping by11%.
