**Return to Lender: Week of June 26, 2025**
**New York Life Bets on San Francisco’s Office Market**
New York Life Real Estate Investors (NYLREI), in partnership with Lincoln Property Company, has acquired the debt backing the San Francisco office building located at 353 Sacramento Street. The $101.6 million loan, supported by the 284,751-square-foot property, was purchased for approximately $62 million. The transaction, represented by Newmark, positions NYLREI and Lincoln to gain full ownership of the building as part of the city’s ongoing post-pandemic recovery.
**oWow Walks Away from West Oakland Project**
Oakland-based developer oWow has transferred ownership of its apartment building at 1919 Market Street via a deed in lieu of foreclosure. The 102-unit property had over $50 million in debt at the time. UC Funds is now in possession of the property, marking another significant urban multifamily handover as financing pressures continue.
**Philadelphia’s Old City Parking Garage Sold Post-Foreclosure**
A 469-space parking garage in Philadelphia’s Old City, previously owned by MRP Realty, has been sold for $25.25 million. The property, known as the Bourse Garage at 400 Ranstead Street, was sold by KKR Real Estate Finance Trust Inc., which acquired it through a deed in lieu of foreclosure. Clearwater, Florida-based Sunrise Capital Investors was the buyer. This marks the third asset in the area sold by the lender after taking possession of a portfolio in late 2023.
**Moorestown Corporate Center Sells After Years of Distress**
The Moorestown Corporate Center in South Jersey has sold for $17.6 million after three years of uncertainty tied to a maturing $27.5 million commercial mortgage-backed (CMB) loan. The 222,888-square-foot, three-building property was acquired by an affiliate of Melrose Solomon Enterprises, ending a prolonged distressed phase. Seller Keystone is based in West Conshohocken, Pennsylvania.
**Takoma Property in DC Secures New Ownership Post-Foreclosure**
A multifamily building in Northwest Washington, DC, has been sold following a 2023 foreclosure. The Arbor at Takoma, a 36-unit property at 218 Cedar Street NW, was purchased by a joint venture between July Residential Group and Matador Capital Management for $13.35 million. Originally delivered in March 2024, the property was seized by Forbright Bank’s affiliate just seven months later via public auction for $12.4 million.
**Miami Development Site Heads to Bankruptcy Sale**
A fully entitled 0.86-acre development parcel at 16300 NE 19th Avenue in North Miami Beach is slated for a Chapter 11 bankruptcy sale. The qualifying bid deadline is set for July 22, 2025. The transaction, subject to court approval, is part of the Sky Gardens Residences, LLC bankruptcy.
**Brickell Rooftop Condo in Bankruptcy Auction**
A rooftop commercial condo in Miami’s Brickell Financial District is set for auction after court approval in the Ectul Holdings LLC bankruptcy case. The auction, scheduled for August 5, will include units CU 8, 9, and 11 at Brickell House, located at 1300 Brickell Bay Drive. Keen-Summit Capital Partners and Wilshire Advisory Group are marketing the properties.
**Foreclosure Scheduled for Cambridge Corporate Center Loan**
A mezzanine loan tied to the Cambridge Corporate Center in Charlotte, North Carolina, is set for a UCC foreclosure in August. The $42.6 million loan is part of the CGCMT 2018-C6 trust. Although the borrower remains current on payments, the office property is only 51% occupied, with a debt-service coverage ratio of 0.48x for 2024.
**Washington, DC Office Portfolio Faces Loan Issue**
A $105 million loan backed by three Class B office buildings in Washington, DC’s Golden Triangle neighborhood has been transferred to special servicing due to “imminent monetary default.” The office buildings are owned by an affiliate of Zuckerman Gravely Management Inc., which originated the loan in 2017 through Bank of America. While not yet delinquent, the loan required a reserve draw by special servicer Rialto Capital to meet the June payment.
Stay tuned for more updates as distress and opportunity continue to shape urban real estate markets across the U.S.
