**Return to Lender: Week of June 26, 2025**
**New York Life Makes Bet on San Francisco Office Market**
New York Life Real Estate Investors (NYLREI), alongside partner Lincoln Property Co., has acquired a $101.6 million loan on the 284,751-square-foot office building at 353 Sacramento Street in San Francisco for approximately $62 million. The deal was brokered by Newmark and positions NYLREI and Lincoln with the potential to assume ownership of the property as confidence in San Francisco’s post-pandemic recovery grows.
**West Oakland Apartment Project Returned to Lender**
In Oakland, developer oWow has surrendered its 102-unit apartment building at 1919 Market Street to UC Funds via a deed in lieu of foreclosure. The transaction follows more than $50 million in debt on the property, reflecting continued pressure in the East Bay multifamily market.
**Philadelphia Parking Garage Sells for $25.25 Million**
A 469-space parking garage at 400 Ranstead Street in Philadelphia’s Old City has sold for $25.25 million. The buyer, Sunrise Capital Investors, acquired the Bourse garage from KKR Real Estate Finance Trust Inc., which took over the asset via deed in lieu of foreclosure from previous owner MRP Realty. This marks the third property sold in the area following KKR’s acquisition of the distressed portfolio in late 2023.
**Distressed Moorestown Corporate Center Sells for $17.6 Million**
The Moorestown Corporate Center in South Jersey has been purchased for $17.6 million by a Melrose Solomon Enterprises affiliate, ending a period of uncertainty since a $27.5 million CMB loan on the 222,888-square-foot complex matured. The seller was Keystone, based in West Conshohocken, Pennsylvania.
**DC Multifamily Building Trades After Foreclosure**
The Arbor at Takoma, a 36-unit multifamily building in Northwest Washington, DC, has been acquired by a joint venture between July Residential Group and Matador Capital Management for $13.35 million. The seller, Willard Holdings VI LLC, is an affiliate of Forbright Bank, which had acquired the property at foreclosure in 2023 for $12.4 million — just seven months after the property was completed.
**North Miami Beach Entitled Land Parcel Hits Bankruptcy Market**
Hilco Real Estate Sales has set July 22, 2025, as the bid deadline for a 0.86-acre fully entitled development parcel in North Miami Beach. The property, located at 16300 NE 19th Avenue, is part of a Chapter 11 bankruptcy sale. The transaction is subject to approval by the U.S. Bankruptcy Court in Miami.
**Rooftop Condo in Brickell District Scheduled for Auction**
A rooftop commercial condo with a pool in Miami’s Brickell Financial District will go to bankruptcy auction in August. U.S. Bankruptcy Court has approved the sale of Units CU 8, 9, and 11 at Brickell House, located at 1300 Brickell Bay Drive. The auction is being marketed by Keen-Summit Capital Partners and Wilshire Advisory Group on behalf of debtor Ectul Holdings LLC.
**UCC Foreclosure Set for Charlotte’s Cambridge Corporate Center**
Morningstar Credit reports a UCC foreclosure is scheduled for August on the mezzanine loan secured by the Cambridge Corporate Center in Charlotte. The $42.6 million loan (6.2% of CGCMT 2018-C6) backs a 350,000-square-foot office building with just 51% occupancy. Despite a 2024 debt-service coverage ratio (DSCR) of 0.48x, the property remains current and is not in special servicing.
**Washington, DC Office Portfolio Faces Imminent Default**
A $105 million loan tied to three Class B office buildings in Washington, DC’s Golden Triangle has been transferred to special servicer Rialto Capital due to “imminent monetary default.” The properties are owned by an affiliate of Zuckerman Gravely Management Inc., which secured the loan from Bank of America in 2017. While not currently delinquent, a reserve account was tapped to meet the June payment.
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These transactions reflect a continued shakeout across several regional U.S. real estate markets as property owners and creditors navigate loan maturity pressures and shifting value dynamics.
