According to Trepp, Accesso Partners has given up ownership of a 393,107-square-foot office property located at 20 North Clark St. in Chicago through a deed-in-lieu of foreclosure to its lender. The building was originally acquired by Accesso in partnership with UBS Global Asset Management for $64 million in 2013 and was valued at $94 million when Accesso bought out its partner in 2017. Lender One William Street Capital Management provided a loan of $67 million against the property.
The sale price for Northlake Mall, a 1.06-million-square-foot mall located in Charlotte, is expected to be just $39 million – significantly lower than the original purchase price of $248 million paid by Starwood Capital Group. Spinoso Real Estate Group has been acting as receiver for the mall since last year and recently entered into an agreement with Hull Property Group and Racine Mall LLC (both based out of Georgia) who offered the highest bid along with Hull’s affiliated limited liability partnerships.
Tides Equities has handed over control of Tides on 44th apartment complex (256 units) located in Phoenix to its lender Starwood Property Trust after purchasing it for $51million earlier this year using financing from Starwood amounting to$46.2million.
Insignia LLC affiliate purchased Parkside Terraces -a former owner surrendered Alpharetta’s office campus spanning across twenty acres- from White Oak Assets LLC using funds secured through loans worth ten-million dollars.The purchase cost Insignia fifteen-million dollars which is almost seventy percent less than what previous owners had paid six years ago while buying it .
CIT Bank took back possession via deed-in-lieu-of-foreclosure process after Harvest Properties defaulted on their mortgage debt worth thirty-five-and-a-half-million-dollars taken against Leamington -an Oakland-based historic Class B building situated at1814 Franklin St. This property was purchased by Harvest Properties for nineteen-point-one-million-dollars in 2015.
Village Bank has become the new owner of a building located at 8565 Central Ave. NE, Blaine, MN after purchasing it for two-point-one-million dollars during a foreclosure auction held last year.The property had been owned by Capra’s Sporting Goods who closed their shop and defaulted on mortgage payments to Village Bank which filed a lawsuit against them in May last year.
Brookfield Properties have defaulted on $191 million worth of mortgage debt taken from KeyBank National Association back in September 2012 to finance Clackamas Town Center -a shopping mall spanning across one point four million square feet situated at Happy Valley, OR.According to Portland Business Journal,the default comes just before lease expirations affecting almost half the rentable space are due this year.Bank of America originally provided financing amounting to two-hundred-and-sixteen-million-dollars but later sold off its stake that is now managed by CMBS trust under KeyBank National Association management.Brookfield claims there will be no impact on shopping center operations as they work with their lender.
