Midas Hospitality, a St. Louis-based company, has acquired a hotel development in Downtown Brooklyn for $34.8 million from developers Hello Living and Aview Equities after it entered bankruptcy without being completed in 2023. The lender Acres Capital had sued to foreclose on the property due to default on a construction loan of $30 million. Private equity firm Cingulate Group also filed a lawsuit against one of the developers for an unpaid mezzanine loan.
According to reports from Buffalo Business First, Premier Senior Living (PSL) plans to purchase an assisted living facility in West Seneca, NY after the previous ownership group was foreclosed upon by Broadview Federal Credit Union for $8.3 million. PSL has been leasing and managing the property since 2009.
Southfield Town Center ($70.7 million | 11% of COMM 2014-UBS3 and COMM 2014-CR18), located outside Detroit, is now under special servicing ahead of its May 2024 maturity date despite reporting strong net cash flow that exceeded initial projections by Morningstar Credit last year.
A defaulted loan worth $69.29 million against an office building at Chicago’s W Monroe Street owned by Accesso Partners has also transferred into special servicing as it struggles with low occupancy rates generating less than enough cash flow compared to when it was acquired in CMBS trusts back in June.
Clinton Square office property located Rochester New York ($26million | nearly %COMM14-CCRE19|CMBX .80)has been transferred into special servicing following news that law firm Nixon Peabody will not be renewing their lease which expires July next year occupying almost half GLA space around August same time as scheduled maturity date according servicer comments.
