### Return to Lender: Week of March 6, 2025
Granite Point Mortgage Trust has taken ownership of the 140,000-square-foot Lincoln Place office and retail property in Miami Beach, according to Trepp. Originally purchased by the Nightingale Group of New York in 2016 for $80 million, the eight-story property was financed with a $62.275-million loan from Granite Point. Built in 2002, the building consists of 110,000 square feet of office space along with a 30,000-square-foot retail component and a 499-space parking garage.
Meanwhile, Ready Capital is weighing foreclosure on a $500-million-plus construction loan tied to Block 216, the Portland, OR development housing The Ritz-Carlton hotel. As reported by *Oregon Live*, Ready Capital indicated during its fourth-quarter earnings report that it might take control of the 35-story tower. Despite its late 2023 opening, which introduced hotel accommodations, upscale offices, and for-sale residences, both the office and residential components have struggled to gain traction.
In Oakland, CA, the Dufwin Theater at 519 17th St. has been listed for sale by its lender, Ladder Capital, according to the *San Francisco Business Times*. Originally a movie theater turned office space, the property had connections to disgraced Oakland investor Tom Henderson before being acquired by Embarcadero Capital Partners in 2016. Ladder Capital took control of the property in September 2024.
Additionally, seven Seattle parking lots owned by Martin Selig Real Estate have entered receivership, reports the *Puget Sound Business Journal*. Among the affected properties is one the developer attempted to sell last year to address hundreds of millions of dollars in troubled loans. This development comes alongside the company’s potential decision to turn over two newer assets to its lender.
Further financial distress is evident in Detroit, where the Morningstar Credit report states that the Detroit Office Portfolio—a $25.5-million loan representing 2.6% of BANK 2021-BN33 and part of CMBX.15—has transferred to special servicing for imminent monetary default. Occupancy across the four-property Detroit-area office portfolio declined to 68% as of December 2024, reducing revenue and leading to a debt service coverage ratio (DSCR) of 0.60x, falling below breakeven.
