Jamestown LP has sold the property located at 731 Market St. in San Francisco to Seven Equity Group, a New York City-based company, for $15 million. This sale comes nearly two years after the property’s loan matured and was backed by a $32.5-million loan.
According to reports from the San Francisco Business Times , Capital One had served Jamestown with a notice of default on this loan in July of 2023 due to their failure to repay close to $25.5 million when it matured in April of that year.
After seeking foreclosure on 731 Market St., Capital One reached an agreement with Jamestown and JLL’s capital markets team represented them during the sale process.
In Emeryville, CA Blox Ventures purchased a loan secured by an eight-story office building located at 6001 Shellmound St., positioning themselves for acquisition through deed instead of foreclosure according to reports from The San Francisco Business Times . Current owner Sagard Real Estate (formerly EverWest Real Estate) bought this property back in 2017 for $33 million using a $21.61-million which was set up maturing last December.
Blox Ventures acquired this debt from lender PNC Bank at roughly only one third its original value ($6.8 million), equivalenting out as just over half off per square foot (68% discount).
The Charlotte Business Journal reported that public auction will be held January tenth next month starting promptly ten minutes past ten o’clock AM inside Mecklenburg County Courthouse first floor lobby area situated four blocks eastward along East Fourth Street near North College Street intersection uptown Charlotte NC where you can bid upon purchasing rights towards owning title/deed/ownership interests within thirty-two story five hundred eighty-seven thousand square feet tall structure known as Four Hundred South Tryon Building; originally built nineteen seventy-four & renovated twice since then most recently twenty thirteen costing forty-one point five million dollars.
The auction is being held following the approval of foreclosure proceedings in Mecklenburg County Superior Court. The property will be sold “as is, where is” and the auction will remain open for ten days to allow for any upset bids.
In Arlington, VA’s Rosslyn neighborhood, Monday Properties has lost a seven-building office portfolio including their two-building project known as The Towers to Beacon Capital Partners according to reports from Washington Business Journal . This forfeiture follows Monday’s default on loans tied to these portfolios back in 2023 and it marks one of the highest-profile forfeits of an office property since COVID-19 pandemic began last year.
Miami-based CGI Merchant Group has missed a loan payment by one month on three office properties that are set to be sold off soon. According South Florida Business Journal , this CMBS loan was originated by Starwood Property Trust with an unpaid balance totaling over $14.25 million which matures June first twenty twenty-five; subsidiary LNR Partners assigned as special servicer handling sale process while properties located within West Palm Beach Stuart Lake Worth areas part pending phased sale towards California-based GBT Technologies corporation
A Minnetonka MN building recently housing UnitedHealth Group Inc.’s headquarters has been placed into receivership per Minneapolis/St Paul Business Journal reportings . A Hennepin County District Court appointed CBRE’s John Boich limited receiver duties overseeing operations at ten-story structure situated along nine thousand nine hundred Bren Road East after landlord entity New York City based LCN Capital Partners LP faced dual challenges when insurer decided not renew lease agreement & forty-seven-million dollar mortgage reached maturity date January sixth earlier this week; UnitedHealth had been sole tenant occupying space there until now
Lenders Forethought Life Insurance Co & Kookmin Bank have begun moving forward with foreclosure proceedings against Cohen Brothers Realty Corporation owned Midtown Manhattan location Three East Fifty-Fourth Street Crain’s New York Business reported earlier this week. Ownership owes estimated eighty-six point four million dollars on property with penalties included; in statement COO Steven Cherniak told Crain’s, “We are currently refinancing mortgage and plan to proceed as planned for redevelopment of site.”
Finally, a Baltimore City Circuit Court judge has approved receivership for One Calvert Plaza despite written pleas from developer Brandon Chasen’s attorneys to halt the move according to reports from The Baltimore Business Journal . This court order marks another setback for Chasen Cos. after they were hit with twenty-eight point nine-million dollar default judgment back in November when they failed keep up payments on thirty-four-million dollar loan provided by Sandy Spring Bank intended help convert building into residential use.
The post Return To Lender: Week Of Jan 9th 2025 appeared first on Connect CRE .
Jamestown LP has sold their property located at 731 Market St., San Francisco, CA , offloading it nearly two years after its $32.5M loan matured and was backed by the same amount of debt.
According to an article published by The San Francisco Business Times , Capital One had served Jamestown with a notice of default in July 2023 due to their failure repay close $25.5M when it matured that April year.
After seeking foreclosure on this address (731 Market), Capital One reached agreement Jamestown retire all remaining debts owed them through sale process led JLL’s capital markets team representing seller during negotiations between parties involved finalizing transaction details before closing deal officially last month December twenty fourth day two thousand twenty-four
In Emeryville California Blox Ventures purchased secured eight-story office building situated at six thousand one Shellmound Street positioning themselves acquire ownership rights via deed lieu foreclosure per reportings made available courtesy official website publication known as The San Francisco Business Times . Current owner Sagard Real Estate formerly EverWest Real Estate bought said structure back nineteen seventy-seven for thirty-three million dollars using twenty-one point six one-million dollar loan which matured last December.
Blox Ventures acquired this debt from lender PNC Bank at roughly only one third its original value ($6.8 million), equivalenting out as just over half off per square foot (68% discount).
The Charlotte Business Journal reported that public auction will be held January tenth next month starting promptly ten minutes past ten o’clock AM inside Mecklenburg County Courthouse first floor lobby area situated four blocks eastward along East Fourth Street near North College Street intersection uptown Charlotte NC where you can bid upon purchasing rights towards owning title/deed/ownership interests within thirty-two story five hundred eighty-seven thousand square feet tall structure known as Four Hundred South Tryon Building; originally built nineteen seventy-four & renovated twice since then most recently twenty thirteen costing forty-one point five million dollars.
This sale is being conducted following approval of foreclosure proceedings in Mecklenburg County Superior Court, and the property will be sold “as is, where is.” The auction will remain open for 10 days to allow for any upset bids.
In Arlington VA’s Rosslyn neighborhood Monday Properties has lost seven-building office portfolio including their two-building project known simply The Towers Beacon Capital Partners according reports Washington Business Journal . This forfeiture follows default on loans tied these portfolios back 2023 marks highest-profile forfeits an office property since COVID-19 pandemic began last year
Miami-based CGI Merchant Group missed a loan payment by month three properties set sold soon according South Florida Business Journal , CMBS originated Starwood Property Trust unpaid balance totaling over fourteen point two-five-million dollars matures June first twenty-twenty-five subsidiary LNR Partners assigned special servicer handling process while located within West Palm Beach Stuart Lake Worth areas part pending phased sale California-based GBT Technologies corporation
Minnetonka MN building recently housing UnitedHealth Group Inc.’s headquarters placed into receivership Minneapolis/St Paul Business Journal reportings . Hennepin County District Court appointed CBRE’s John Boich limited receiver duties overseeing operations at ten-story structure situated along nine thousand nine hundred Bren Road East after landlord entity New York City based LCN Capital Partners LP faced dual challenges when insurer decided not renew lease agreement & forty-seven-million dollar mortgage reached maturity date January sixth earlier this week; UnitedHealth had been sole tenant occupying space there until now
Lenders Forethought Life Insurance Co & Kookmin Bank have begun moving forward with foreclosure proceedings against Cohen Brothers Realty Corporation owned Midtown Manhattan location Three East Fifty-Fourth Street Crain’s New York Business reported earlier this week. Ownership owes estimated eighty-six point four million dollars on property with penalties included; in statement COO Steven Cherniak told Crain’s, “We are currently refinancing mortgage and plan to proceed as planned for redevelopment of site.”
Finally, a Baltimore City Circuit Court judge has approved receivership for One Calvert Plaza despite written pleas from developer Brandon Chasen’s attorneys to halt the move according reports The Baltimore Business Journal . This court order marks another setback Chasen Cos. after they were hit twenty-eight point nine-million dollar default judgment back November failed keep up payments thirty-four-million provided Sandy Spring Bank intended help convert building into residential use.
The post Return To Lender: Week Of Jan 9th 2025 appeared first on Connect CRE .
Jamestown LP recently sold their property located at 731 Market St., San Francisco, CA , offloading it nearly two years after its $32.5M loan matured and was backed by the same amount of debt.
According to an article published by The San Francisco Business Times , Capital One had served Jamestown with a notice of default in July 2023 due to their failure repay close $25.5M when it matured that April year.
After seeking foreclosure on this address (731 Market), Capital One reached agreement Jamestown retire all remaining debts owed them through sale process led JLL’s capital markets team representing seller during negotiations between parties involved finalizing transaction details before closing deal officially last month December twenty fourth day two thousand twenty-four
In Emeryville California Blox Ventures purchased secured eight-story office building situated at six thousand one Shellmound Street positioning themselves acquire ownership rights via deed lieu foreclosure per reportings made available courtesy official website publication known as The San Francisco Business Times . Current owner Sagard Real Estate formerly EverWest Real Estate bought said structure back nineteen seventy-seven for thirty-three million dollars using twenty-one point six one-million dollar loan which matured last December.
Blox Ventures acquired this debt from lender PNC Bank at roughly only one third its original value ($6.8 million), equivalenting out as just over half off per square foot (68% discount).
The Charlotte Business Journal reported that public auction will be held January tenth next month starting promptly ten minutes past ten o’clock AM inside Mecklenburg County Courthouse first floor lobby area situated four blocks eastward along East Fourth Street near North College Street intersection uptown Charlotte NC where you can bid upon purchasing rights towards owning title/deed/ownership interests within thirty-two story five hundred eighty-seven thousand square feet tall structure known as Four Hundred South Tryon Building; originally built nineteen seventy-four & renovated twice since then most recently twenty thirteen costing forty-one point five million dollars.
This sale is being conducted following approval of foreclosure proceedings in Mecklenburg County Superior Court, and the property will be sold “as is, where is.” The auction will remain open for 10 days to allow for any upset bids.
In Arlington VA’s Rosslyn neighborhood Monday Properties has lost seven-building office portfolio including their two-building project known simply The Towers Beacon Capital Partners according reports Washington Business Journal . This forfeiture follows default on loans tied these portfolios back 2023 marks highest-profile forfeits an office property since COVID-19 pandemic began last year
Miami-based CGI Merchant Group missed a loan payment by month three properties set sold soon according South Florida Business Journal , CMBS originated Starwood Property Trust unpaid balance totaling over fourteen point two-five-million dollars matures June first twenty-twenty-five subsidiary LNR Partners assigned special servicer handling process while located within West Palm Beach Stuart Lake Worth areas part pending phased sale California-based GBT Technologies corporation
Minnetonka MN building recently housing UnitedHealth Group Inc.’s headquarters placed into receivership Minneapolis/St Paul Business Journal reportings . Hennepin County District Court appointed CBRE’s John Boich limited receiver duties overseeing operations at ten-story structure situated along nine thousand nine hundred Bren Road East after landlord entity New York City based LCN Capital Partners LP faced dual challenges when insurer decided not renew lease agreement & forty-seven-million dollar mortgage reached maturity date January sixth earlier this week; UnitedHealth had been
