**Return to Lender: Week of April 10, 2025**
– Spear Street Capital LLC, a real estate investment firm based in San Francisco, has acquired Harwood No. 4, a 20-story office tower located at 2828 Harwood Street in Dallas. The transaction took place at a foreclosure auction. The building was previously owned by its developer, Dallas-based Harwood International Inc. The purchase price was not disclosed, according to the Dallas Business Journal.
– Via Mizner Owner I LLC, an affiliate of Penn-Florida Companies, has engaged CBRE to market its Boca Raton apartment complex for sale, pending approval from the U.S. Bankruptcy Court. The 366-unit 101 Via Mizner Apartments, completed in 2017 and located at 101 E. Camino Real, are part of a Chapter 11 reorganization filed in January. The filing halted a UCC auction by a Blackstone affiliate over a $195 million mortgage. Bankruptcy Judge Erik Kimball has approved the appointment of CBRE’s Robert Given, Zachary Sackley, Troy Ballard, and Neal Victor to handle the transaction, as reported by the South Florida Business Journal.
– A $187.5 million loan backed by the downtown San Francisco office tower at 55 Second Street has been put up for sale. According to the San Francisco Business Times, the lending group has enlisted Newmark to facilitate the loan sale, with a projected valuation in the mid- to high-$300-per-square-foot range. This would place a potential acquisition value for the 380,000-square-foot office building between $130 million and $145 million. The property is currently owned by Paramount Group.
– Pembroke Lakes Mall in Pembroke Pines, Florida, has transferred to special servicing due to a maturity default, according to Morningstar Credit. The mall (securitized under GSMS 2013-PEMB) had an occupancy rate of 95% as of September 2024, with anchor stores still operational. However, net cash flow remains 28% below underwritten expectations. No specific resolution strategy has been announced, and discussions are ongoing between the borrower and the lender. The loan is valued at $260 million.
– The loan for 44 Whippany in Morristown, New Jersey, has also transferred to special servicing following a payment default. Backed by a $26.3 million loan (under BMARK 2020-B21 and associated with CMBX.14), the property includes the leased fee interest in land beneath a 231,865-square-foot office building. Approximately 25% of the space is currently available for lease, according to data from Morningstar Credit.
