According to the San Francisco Business Times, Frontline Realty Capital, based in San Francisco, has acquired one of the first Oakland office properties seized by its lender after the pandemic for a significantly lower price than its original purchase in 2018. The property in question is 1440 Broadway, a 10-story office building spanning over 83,000 square feet. It was purchased by Frontline for approximately $5.2 million or around $58 per square foot. BrightSpire Capital took possession of the property from Tidewater Capital and their joint venture partner AXA.
Trepp reported that Tides Equities has lost another apartment complex located in North Texas. The lender Benefit Street Partners took control of Tides on Haverwood at 19002 Dallas Pkwy., which consists of 424 units and served as collateral for a loan worth $63.35 million that matured in October but had been extended twice until this month.
After two years since being placed into foreclosure with little indication about its future ownership status, Centre Square’s receiver told Philadelphia Business Journal that it is highly likely to be sold soon.The owners Nightingale Properties and InterVest Capital Partners (formerly Wafra Captial Partners) owe more than $375 million on an overdue CMBS loan backing up this massive office complex spanning over1 .76-million-square-feet.Wells Fargo Bank filed a complaint against them on behalf of investors who own debt through CMBS trust backin January2023.CBRE,the court-appointed receiverforCentreSquare,fileda motionthismonthinU.S.DistrictCourtfortheEasternDistrictofPennsylvaniaindicatingthattheyarepreparingforsaleofthepropertylocatedat1500MarketSt.inCenterCity.
The Great Northern Building located at downtown St.Paul,MN,is once again available for sale just months after being auctioned off.Minneapolis/St.PaulBusinessJournalreportedthatthe13-storyofficebuildinglocatedat180FifthSt.E.soldfor$7.5millionataforeclosureauctioninOctoberattheRamseyCountySheriff’sOffice.ThepurchaserwasanentitywithapparenttiestoFirstInternationalBank&Trust,thelenderoftheproperty.Cushman&Wakefieldhasconfirmedthattheyarenowmarketingthepropertyforsale.
Kroll Bond Rating Agency reported that in the updated December 2024 special servicer commentary,the borrower of a $1.5-billion loan for Parkmerced, Maximus Real Estate Partners, failed to close on a previously negotiated modification in September.As a result,the trust is taking legal action including receivership and foreclosure against the guarantor.However,sources within the industry have stated that despite these actions,the sponsor remains committed to this large apartment complex located in San Francisco and plans to finalize an extension of maturity within the next few weeks.
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