Monday Properties has successfully restructured its debt on Nestle’s U.S. headquarters in Rosslyn, VA, avoiding a foreclosure auction. According to the Washington Business Journal, RBC Real Estate Capital Corp., the mezzanine lender for 1812 Holdings LLC (a Monday Properties affiliate), had hired Eastdil Secured to facilitate a public auction of equity in the building. The sale was conducted as a UCC foreclosure.
In another development in Washington D.C., Henderson Park, a London-based private equity firm, has acquired Portals I from LNR Partners LLC for approximately $26 million. The struggling office building near D.C.’s waterfront spans over 536,000 square feet and was assessed at $154.9 million for 2024.
Savanna has avoided foreclosure by transferring ownership of Harlem’s Lee Building (also known as 1825 Park Ave.) to lender TPG Real Estate Finance through an asset transfer valued at $56.2 million.
The Landing office center located on Hegenberger Road in Oakland is facing default on its mortgage according to reports from Mercury News . Vertical Ventures defaulted on their loan of $37.2 million obtained from Arc Lender back in 2019 with an estimated balance due of $33/7 million including principal and interest payments along with penalties and late fees.
Two properties – neighboring tire repair center and office building – have been named together under related lawsuits seeking combined damages worth up to$3/29million reported by South Florida Business Journal . These are third & fourth pending foreclosures against borrowers associated with Kendall Executive Center which consists eleven parcels built during year1981 spanning two stories commercially complexed .
Coastland Center’s CMBS loan worth$98/7million underwent modification pushing maturity date ahead till May2025 according Morningstar after being transferred into special servicing last year before initial November2022 maturity date expired; regional mall situated Naples FL appraised for$74/6million in July down by 68% from $233/0million issuance value.
An updated appraisal valued 15 Metrotech at$160.8 million which backs MSBAM2013-C12 & COMM2013-LC1 worth $169.9 million, a reduction of41% from its original appraised value of $273.0 million during issuance as per Morningstar report; loan was transferred into special servicing before September2023 maturity date arrived with occupancy rate remaining low since largest tenant vacated last June2023 and currently stands at75%.
