LoanCore Capital has taken over ownership of a 17-story office building in downtown Denver, located at 1801 Broadway. According to the Denver Business Journal, the property was previously owned by Chicago-based coworking firm Expansive and was acquired for $34.6 million through an auction last month. This amount reflects the outstanding principal balance on a $35.4 million loan that Expansive had received when purchasing the building in 2019.
The loan matured in April of this year and went into default, leading to LoanCore’s acquisition of the property. Previously known as Novel Coworking, Expansive had spent $40.2 million on buying this office property from the 1980s.
In Baltimore County, Hillendale Country Club has been sold at a foreclosure auction after closing its doors just months ago according to reports from Baltimore Business Journal . The club was sold for $3.05 million on Wednesday at an auction held by Circuit Court for Baltimore County.
An anonymous buyer represented by attorney Mayer Guttman with Levin Gann PA purchased this nearly 150-acre club which closed down in September due to financial troubles and failed attempts at selling it off to members.
TF Cornerstone is likely planning to convert part of Philadelphia’s historic Wanamaker building into residential units following their foreclosure proceedings reported by Philadelphia Business Journal . The New York developer acquired majority debt ownership earlier this year and plans are underway once they complete their takeover early next year.
Meanwhile lenders are showing interest in troubled commercial buildings such as Roth Jackson LLC’s property located at Jackson Square according San Francisco Business Times . A notice issued last month indicates that Wilmington Trust is acting as representative for lenders who have served Roth Jackson with default notices totaling up-to-$13-million backed against one or more properties within California state lines including those situated along Market Street near Union Square shopping district where occupancy rates have fallen below expectations since July remittance data showed only 76% occupancy across the entire portfolio.
Morningstar Credit reported that Workspace Property Trust Portfolio securitization ($1.23 billion | JPMCC 2018-WPT & Multiple Conduits | CMBX.12) has transferred to special servicing for imminent default as of December remittance data shows a decline in occupancy rates from initial issuance levels at 95% down to only 76%. This collateral includes office, flex and retail properties spread out over four states with loan maturity dates set for July of next year which was later extended by two years but still faces potential foreclosure proceedings if no resolution is reached before then.
