Distressed and special-situation activity remained elevated across several U.S. markets during the week of Sept. 10, 2026, spanning office, hospitality and mixed-use assets and touching multiple CMBS trusts.
In San Francisco, an office property in the Financial District that houses Minted’s headquarters changed hands through a deed-in-lieu transaction that points to improving asset values as the city’s office sector continues to recover. Orange County-based Pendulum Property Partners acquired the debt secured by 747 Front St., an 82,000-square-foot office building near Jackson Square, for roughly $49 million, according to the San Francisco Business Times. The deal marks Pendulum’s first acquisition in San Francisco.
In St. Louis, Bank of America Plaza, which represents $42.8 million and 17.7% of CMBS deal GSMS 2015-GC30, has been sold, Morningstar Credit reported, citing the St. Louis Business Journal. The article referenced a high bid of at least $9.6 million, though the final sale price was not disclosed. The loan, backed by a 760,000-square-foot office tower in the St. Louis CBD, transferred to special servicing in May 2023 and became REO in July 2025.
In the Baltimore market, a two-story office building at 2220-2224 Boston St. along Canton’s main corridor is heading to foreclosure auction, according to the Baltimore Business Journal. An online listing from Alex Cooper Auctioneers states the auction is scheduled for Sept. 24 at 10 a.m. on the steps of the Clarence M. Mitchell Jr. Courthouse downtown. The building was recently occupied by Root Branch Media Group and previously served as headquarters for supply chain automation firm Barcoding Inc., which relocated to Highlandtown in 2019.
On Texas’s Guadalupe River, a four-property portfolio that includes New Braunfels’ Whitewater Amphitheater is being marketed for sale through Chapter 11 liquidation. The San Antonio Business Journal reported that Hilco Real Estate has opened bidding on the portfolio, which is anchored by the 5,600-capacity outdoor concert venue and three nearby properties tied to lodging, tubing and other commercial uses. Bids are due Sept. 22, with a court-imposed closing deadline of Oct. 22. The sale process is part of Chapter 11 proceedings involving Kona Coast Venture Ltd., operator of Whitewater Amphitheater, and Hideout on the Horseshoe LLC, which operates a nearby 19-cabin short-term rental property on the Guadalupe River.
In Denver’s office market, Trigild has been appointed receiver for Republic Plaza, securing a $230.1 million loan spread across CMBS deals WFRBS 2013-C11 and WFRBS 2012-C10 and referenced in CMBX.6, according to Morningstar Credit and the Denver Business Journal. The loan had moved into special servicing earlier in the year ahead of its March maturity, and the property was subsequently appraised at $136.0 million. Plans call for a sale of the asset in 2027.
Also in Denver, a large multifamily-oriented development known as X Denver, located at 3100 Inca St. and 3000 Inca St. between Coors Field and Interstate 25, may soon come under new management. The Denver Business Journal reported that the property’s lender, CMTG JP Finance LLC, which traces back to Mack Real Estate Group, has filed a court request seeking appointment of a receiver to operate the asset. X Denver is facing a default on a $170 million loan.
In the lodging sector, Morningstar Credit reported that the single loan in CMBS deal CALI 2024-SUN, totaling $280 million and backed by two Santa Monica hotels, is in the process of refinancing. Published reports cited by Morningstar indicate that the borrowers say replacement financing is in place and expected to close by Sept. 30, 2026. The capital stack also includes $120.0 million of mezzanine debt. While the loan moved to special servicing ahead of its July 2026 maturity, it has remained current following the transfer.
