**Return to Lender: Week of July 3, 2025**
**Seattle-based Vibrant Cities Loses Queen Anne Apartment Building**
Vibrant Cities, based in Seattle, has forfeited ownership of the Roystone, a mixed-use apartment complex at the nexus of Lower and Upper Queen Anne. Co-founder James Wong transferred the eight-story, 93-unit property—located at 5 W. Roy St. and built four years ago—through a trustee’s deed. According to the Puget Sound Business Journal, the buyer is linked to Citymark Capital of Cleveland. The sale affidavit lists a price of $0, suggesting a Chapter 11 bankruptcy sale. Dylan Simon, Jerrid Anderson, and JD Fuller from the Simon Anderson multifamily team at Kidder Mathews represented the former owner.
**Distressed Birmingham Multifamily Property Acquired for $13.4M**
An out-of-state buyer has acquired Village Square Landings, a 250-unit apartment complex at 4141 Pinson Valley Parkway in northeast Birmingham, Alabama, for $13.4 million—just $53,600 per unit. The buyer, ECA Village LLC, is tied to Emerald City Associates, a multifamily investment firm based in Raleigh, North Carolina. Marcus & Millichap’s Birmingham office facilitated the transaction with brokers Josh Jacobs, Royce Emerson, and Lloyd Escue.
**San Francisco’s Tilden Hotel Sells for a Fraction of Pre-Pandemic Price**
The 118-room Tilden Hotel near San Francisco’s Union Square has changed hands for just $9.3 million—less than 20% of its pre-pandemic value. Located at 345 Taylor St., the nine-story hotel was sold by AllianceBernstein LP to an affiliate of Oceanic Enterprises. According to the San Francisco Business Times, AllianceBernstein acquired the property in 2022 through a deed-in-lieu-of-foreclosure. The previous owner, Yang Capital Group, had purchased the hotel in 2015 for $48.5 million and defaulted on nearly the entire loan.
**Charlotte Apartment Complex Enters Receivership After Loan Default**
A multifamily development in north Charlotte is now in receivership following a lawsuit that accuses the owners of defaulting on their loan and neglecting property upkeep. Allianz filed the suit in Mecklenburg County Superior Court on June 2 against BLV Ascend LLC, BLV Ascend II LLC, and Ellie and Benjamin Perlman, asserting default on a $72.4 million loan issued in June 2022. A judge has granted Allianz’s request, appointing Amy Clement from Childress Klein’s Charlotte office as the receiver, according to the Charlotte Business Journal.
**Downtown San Antonio Hotel Project Seeks Funding Post-Bankruptcy**
Blueprint Hospitality, the developer behind the hotel conversion at 145 Navarro in downtown San Antonio, is negotiating $168 million in new financing to revive the stalled project. According to the San Antonio Business Journal, the Houston-based firm filed for Chapter 11 bankruptcy protection in February after struggling with substantial debt. The plan is to transform the former office building into a 243-room luxury hotel.
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*Return to Lender: Week of July 3, 2025*
