**Return to Lender: Week of December 4, 2025**
**William Macklowe Co. Acquires Loan on 291 Broadway**
William Macklowe Co. has acquired the $46 million loan secured by 291 Broadway, a 133,000-square-foot office building in Manhattan’s Tribeca neighborhood. The building is 95.8% occupied. The loan was sold by Flagstar Bank at a slight discount to its outstanding balance, with Newmark facilitating the transaction. Originally issued by Flagstar’s parent company, New York Community Bank, in October 2019, the loan entered foreclosure proceedings in July.
**Resolution in Sight for Bank of America Plaza Loan**
According to Morningstar Credit, citing Green Street, the $400 million CMBS loan tied to Bank of America Plaza in Los Angeles may soon reach a resolution. The property is being offered either as a loan sale or an outright property sale. The loan entered special servicing in July 2024, ahead of its September maturity. The 67% occupied tower was last appraised at $212.5 million in December 2024, a significant drop from its $605 million valuation at issuance in 2014.
**Franklin Mall in Philadelphia Hits the Market**
Franklin Mall, a significant retail property in Northeast Philadelphia formerly known as Franklin Mills, has been listed for sale. JLL is marketing the asset as an industrial redevelopment opportunity. The CMBS loan on the property, with a $244 million balance, matured in June 2024. Ownership was surrendered to debtholders by Simon Property Group and Farallon Capital Management. OPEX CRE Management has been appointed as receiver while special servicer Greystone Servicing Co. decides on next steps with the debtholders.
**Foreclosure and Breakup of Terra Bella Tech Park in Mountain View**
A mortgage trust has foreclosed on Terra Bella Tech Park, a 250,000-square-foot office complex in Mountain View, California. Benchmark 2019-B12, the trust holding a $120 million loan on the property, foreclosed in September. The properties were transferred from Zappettini Capital to a trust-managed holding company. The assets were subsequently divided into seven separate holding companies, as the trust attempts to recoup missed mortgage payments.
**Austin IHOP Property Avoids Foreclosure via Bankruptcy**
A downtown Austin property, currently home to an IHOP, remains with Nate Paul’s World Class Holdings despite being scheduled for foreclosure. On the day of the December 2 auction, the owning entity, WC 707 Cesar Chavez LLC, filed for Chapter 11 bankruptcy, halting the sale. This marks one of several World Class Holdings properties placed into foreclosure proceedings in recent months.
**Foreclosure Lawsuit Targets West Palm Beach La Quinta Inn**
A La Quinta Inn near West Palm Beach, Florida is the subject of a $9.05 million foreclosure lawsuit. Ocean Bank filed the lawsuit on November 25 against the 114-room hotel at 5981 Okeechobee Blvd. The property’s owner, Rore Asset 5981 LLC, defaulted on its $9.7 million loan—issued in 2022 with a fixed interest rate of 6.5%—by missing payments starting in August 2024. The borrower currently owes $9.05 million in principal, plus additional interest and fees.
**Loan on Ellenton Premium Outlets Heads to Special Servicing**
The $178 million CMBS loan backed by Ellenton Premium Outlets in Ellenton, Florida is headed to special servicing. Owned by Simon Property Group, the outlet mall’s loan matured on December 1. The loan spans multiple CMBS deals, including MSC 2016-UBS9, MSBAM 2016-C28, and MSC 2015-UBS8.
