According to the Denver Business Journal, the owner of an office building and parking lot near Coors Field in downtown Denver has given up ownership of the property to its lender in order to avoid foreclosure on a $24-million loan. The Seattle-based Urban Renaissance Group signed a deed instead of going through with foreclosure, surrendering both properties at 2399 Blake St. and 1561 Park Ave. W., which were acquired by Chicago-based EquiTrust Life Insurance Co.
The Phoenix Business Journal reported that the future of a historic warehouse next to Footprint Center in downtown Phoenix is uncertain after it was sold through foreclosure proceedings. The warehouse at 39 E Jackson St., which was planned for use as part of a new Fairmont hotel and residences tower with five restaurants, was bought back by its lender Aeneas Venture Partners 4 LLC for $17.2 million after defaulting on their $15-million loan.
In Philadelphia, according to the Philadelphia Business Journal , TF Cornerstone won their case against Rubenstein Partners over control of Wanamaker Building following court ruling that eliminated any possibility for trial proceedings.The New York developer plans on taking control from Rubenstein Partners as they move forward towards auctioning off this beleaguered Center City office building.
The San Francisco Business Times reported that Capital One is looking into selling off their debt backed by Shorenstein-owned office building worth $25 million located at208 Utah Street.This Virginia based company has listed this debt sale option but also considering acquiring full ownership rights themselves via Eastdil Secured marketing services.
Atlanta’s Buckhead neighborhood will have yet another delay before facing foreclose auction due Morgan Stanley filing action against Pidemont Center -a sprawling property along Piedmont Road- initially planning January foreclosing date then pushing it back until February now set March date potential bids could reach upwards around$200million or more specifically$91 per square foot.JLL will be in charge of marketing this property.
The Pittsburgh Business Times reported that a foreclosure action has been filed against the ownership of six buildings at Parkway Center in Pittsburgh. The complaint was filed by Delaware-based Wilmington Trust, acting as trustee for Wells Fargo Commercial Mortgage Trust, against PWC Pitt LLC – an affiliate of Florida-based Market Street Real Estate Partner. According to the filing, PWC Pitt LLC defaulted on insurance payments and stopped making full monthly mortgage payments on a $42-million loan issued in 2018.
Trepp reported that PCCP LLC has defaulted on their $72-million loan for a 152,300-square-foot office building located at 2390 Mission College Blvd. in Santa Clara, CA.The loan was provided by AB Commercial Real Estate Debt backin2022 but since then only reached half occupancy rate with an appraisal value around$73million.
In Palo Alto California according to Silicon Valley Business Journal ,a former SAP Labs building is now under receivership after defaulting its loans.This vacant property located at3408 Hillview Ave.is owned by Pollock Financial Group who fell behind payment schedule leading Rialto Capital taking over special servicing duties seeking court-appointed receiver due more than$2 million annual rent loss from vacancy alone
