**Return to Lender: Week of September 11, 2025**
**TMG Partners Acquires San Francisco Office Property**
TMG Partners has acquired ownership of the office property at 149 New Montgomery in San Francisco’s financial district through a deed in lieu of foreclosure, according to Morningstar Credit. The 69,000-square-foot building was previously performing above expectations but experienced a significant decline in occupancy, severely impacting net cash flow. The loan, representing 10.5% of COMM 2014-CR14, had been in special servicing since June 2023. Earlier this year, the property was appraised at $18.7 million, while TMG paid $21 million to acquire the note.
**Ashford Hospitality Trust Advances San Antonio Hotel Transformation**
Ashford Hospitality Trust Inc., based in Dallas, is closer to completing the acquisition of 145 Navarro in downtown San Antonio. The building, a former office tower earmarked for hotel redevelopment, is undergoing a transition. A federal judge has approved a $32 million all-cash sale agreement. Ashford will assume the contract from Marriott International, which planned to convert the property into a luxury hotel under its Autograph Collection brand.
**Hotel Near Denver Airport Faces Foreclosure**
A hotel near Denver International Airport, the AmericInn by Wyndham at 7010 Tower Road, has entered foreclosure proceedings. According to the Denver Business Journal, the property’s longtime owner is in discussions with the lender, an LLC affiliated with Serene Investment Management out of Berkeley, California. The 87-room, three-story property is tentatively scheduled for auction on December 18.
**Rochester Tech Park Cited as One of the Largest Delinquent Loans**
The loan on Rochester Tech Park, a large business and industrial complex on Elmgrove Road in Gates, New York, has been identified as one of the nation’s ten largest newly delinquent CMBS loans as of August, per the Rochester Business Journal. Foreclosure proceedings began in April 2024, with Wells Fargo Bank, acting as trustee, filing suit in state Supreme Court. The outstanding mortgage balance stands at $96.58 million.
**Receivership for One California Plaza in Los Angeles**
One California Plaza, a Los Angeles office property backing a $300 million loan in the CSMC 2017-CALI and CSAIL 2017-CX10 CMBS deals (CMBX.11 index), has entered receivership, Morningstar Credit reported. The building has consistently failed to meet underwritten cash flow projections, and the loan was transferred to special servicing in September 2024. The loan matures in November 2024. Current efforts focus on stabilizing operations at the property, but foreclosure remains a likely option.
**Receiver Appointed for Tucson Mall**
The court has approved the appointment of a receiver for Tucson Mall, which secures a $178.6 million loan under BBUBS 2012-TFT. Morningstar Credit reports that the loan has faced multiple servicing events after missing both original and extended maturity dates. Although the property was listed for sale and interest was shown, a transaction never materialized.
**Portland’s Black Box Building Avoids Receivership – For Now**
In Portland, a judge has declined to appoint a receiver for the Black Box Building at 200 S.W. Market Street, offering a temporary reprieve to owner John Russell. The property is the subject of a legal dispute with lender MetLife, which filed a lawsuit accusing Russell of breaching a $63 million loan agreement. MetLife is seeking a judicial foreclosure and had requested the appointment of a receiver to manage rent collections. The foreclosure case will now proceed to trial unless the parties reach a settlement.
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This summary captures notable real estate ownership and financing developments across the country during the week of September 11, 2025.
