According to the Charlotte Business Journal, Ares Management has taken over ownership of ThExchange office park in Charlotte from The Dilweg Cos. The property’s $68.6 million loan matured and became nonperforming in May, leading to foreclosure proceedings initiated by Ares in July. Currently, the property’s occupancy is at 64%, as reported by CoStar.
Silicon Valley biotech company Vibrant Wellness purchased an office property located at 3100 N. First St. in San Jose for $17.5 million from East West Bank through its affiliate lender, as reported by the Silicon Valley Business Journal.The previous owner of the property was Vista Investment Group who defaulted on a refinancing loan worth nearly $24 million last October.
New York Business Journal reports that Starwood Property Trust acquired a 12-floor office building at 29 W.35th St.in Manhattan for $22 .8million after hosting a foreclosure auction this summer to find other buyers.The seller Empire State Equities (also known as American Equities) faced multiple foreclosures during their ownership of this Midtown South building which is over a century old.
Morningstar Credit revealed that Columbia Corporate Center ($20 .5million | MSC2019-H6) was liquidated resultingin an$8 .3-million lossforthe trustin September.ThisofficepropertylocatedinFlorham Park,NJhadbeenwiththespecialservicersinceAugust2023.Accordingtotheservicercommentary,theborrowersubmittedadiscountedpayoffproposalwhichwasultimatelyapprovedbythetrusteesoftheMSC2019-H6trustfund .
The Washington Business Journal reports that an11-story ,306 ,600-square-footofficebuildingat1110VermontAve.NWinWashingtonDCis scheduledforaforeclosureauctiononOct30thatAlexCooperAuctioneers.Thelandlord,EpicLLC,isindebtedtoM&TBankforanamountof$90million,withnearly$77.5millionstilloutstanding.
The Portland Business Journal reports that the historic U.S.Custom House in the Pearl District of Portland, OR will be up for foreclosure auction early next year.The building at 220 N.W.Eighth Ave.is owned by Lazarus House LLC (an affiliate of California-based Vista Investment Group) and owes around $20.5 million to its lenders.A separate online auction is also scheduled from Oct28toOct30inthehopeofoffsettingtheloanamount .
According to Minneapolis/St.PaulBusinessJournal,aNewBrighton,MN-basedcompanyhasbeenappointedasreceiverfortheDayton’sProjectindowntownMinneapolisbyajudgewithHennepinCountyDistrictCourt.ThiswasdoneasaresultofforeclosuresuitfiledbyNewYorkbasedFortressInvestmentGroupagainstthepropertyowner.Thepropertylocatedat700NicolletMallisundergoinglegalprocedureswhileLighthouseManagementGroupInc.willmaintainitduringthisperiod.
Morningstar Credit reported that Commons at Madera Fair ($18 .1million |4 .9%ofCOMM2014-UBS5)movedtospecialservicingafterfailingtopayoffitsSeptembermaturity.Thelarge retail center located in Madera, CA has a main anchor tenant Lowes occupying 57% of its space until July2028.Despitethecenterbeing99.5%occupied,theDSCRhasalwaysremainedaround1.20xandfellbelowbreak-eveninthefirsthalfof2024.
