**Return to Lender: Week of June 5, 2025**
Here is a roundup of recent foreclosure developments and distressed commercial real estate stories from across the country:
– **Piedmont Center, Buckhead, Atlanta**
Buckhead’s largest office park, Piedmont Center, was sold at a foreclosure auction for $200 million, significantly less than its previous valuation. An affiliate of Austrian bank Bawag Group placed the winning bid for the 14-building, 2.2-million-square-foot campus at approximately $90 per square foot. Bawag is partnering with CP Group, a major Atlanta office landlord, to reposition the property as a hospitality-driven campus.
– **Wanamaker Building, Philadelphia**
TF Cornerstone has acquired the historic Wanamaker building in Philadelphia’s Center City through a foreclosure auction, ending a years-long uncertainty around the property’s future. The developer, which already owned the three retail floors at the base of the building, now controls the entire 1.4-million-square-foot property. Plans are in place to convert floors six through twelve into approximately 600 loft-style apartments, while floors four and five will remain office space.
– **101 Mission Street, San Francisco**
Brookfield has withdrawn from a deal to acquire a $93.15 million loan backed by the 206,455-square-foot office building at 101 Mission Street. The transaction would have valued the property at around $80 million. ING Capital, the current lender, is looking for a new buyer for the loan after foreclosing due to loan delinquency.
– **Walden Galleria, Cheektowaga, NY**
The Walden Galleria mall is facing foreclosure after Pyramid Management Group defaulted on a $220 million loan. Wells Fargo Bank, acting as trustee for the mall’s CMBS loan holders, has initiated foreclosure proceedings in state court in Erie County, New York.
– **1400 Aliceanna Street, Baltimore**
A prominent Harbor East site at 1400 Aliceanna Street may head back to auction by mid-July. The property, owned by CC 1400 Aliceanna Street LLC, an affiliate of Chasen Cos., previously halted a foreclosure auction by filing for Chapter 11 bankruptcy in March. The company had planned to redevelop the former warehouse into The Anne on Aliceanna, a 272-unit luxury apartment complex with street-level retail, before the project stalled in 2024.
– **Former Federal Reserve Building, Kansas City, MO**
Delta Quad Holdings LLC, owner of the former Federal Reserve building at 925 Grand Blvd. in Kansas City, filed for bankruptcy, delaying a planned foreclosure sale. The vacant 21-story property was being considered for hotel conversion by its California-based managing entity, which represents EB-5 investors.
– **Hilton Santa Cruz, California**
Ashford Hospitality Trust is in negotiations to extend a $21.9 million mortgage loan on the Hilton Santa Cruz. The REIT noted in its first-quarter earnings report that it is working with the lender on a potential loan extension. Earlier this year, Ashford secured an extension for a separate $409.8 million loan tied to 17 hotels.
– **APX Morristown, New Jersey**
A $65 million loan backing the APX Morristown office property was modified in May 2025, according to Morningstar Credit. Although the loan has never been delinquent and is not due until September 2029, it was transferred to special servicing in July 2023 due to an imminent default. A UCC foreclosure was completed by a mezzanine lender in June 2024. The new borrower has requested the use of reserves for capital improvements, though the terms of the recent loan modification were not disclosed.
