**Return to Lender: Week of Feb. 13, 2025**
Several notable commercial properties across the country are facing financial distress, with foreclosure sales and lender takeovers becoming increasingly common.
– **Liberty Centre in Portland, OR:** The 17-story, 275,000-square-foot high-rise in the Lloyd District is for sale after being returned to its lender in December. The property, located at 650 N.E. Holladay St., was transferred to Liberty Centre JV LLC, an entity of asset management firm Barings, through a deed in lieu of foreclosure.
– **285 Madison Ave. in Midtown Manhattan:** DAOL Asset Management, which holds a $205-million mezzanine loan on the 511,208-square-foot office building, plans to take over the property through an April 15 foreclosure auction. Newmark is marketing the building, which has struggled with financing issues. The senior loan, now valued at $212.79 million, has been in special servicing since last October. The property was originally purchased by RFR Holding in 2012 for $189 million.
– **Anne on Aliceanna in Baltimore:** A partially constructed apartment tower by Chasen Cos. in Harbor East is set to be auctioned in foreclosure. The sale for the Anne on Aliceanna, located at 1400 Aliceanna St., is scheduled for March 14 on the steps of the Clarence M. Mitchell III Courthouse in Baltimore. The auction follows a bank foreclosure filing against the project.
– **Embassy Suites by Hilton in Washington, D.C.:** A Northwest D.C. hotel will be auctioned after its owner allegedly defaulted on a loan used for acquisition and renovation. The 198-room Embassy Suites by Hilton Washington D.C. Chevy Chase Pavilion, located at 4300 Military Road NW, will be sold on March 14. Alex Cooper Auctioneers is handling the foreclosure sale on behalf of PCCP LLC, which claims the hotel’s owner defaulted on a $44.9-million loan originally issued in 2018.
– **The Center at 600 Vine in Cincinnati:** Wells Fargo Bank National Association has moved to sell the 30-story office tower after a judge ruled against the building’s owner last month. The lender, acting as trustee for mortgage note holders owed $48.2 million, had filed suit against Hertz Investment Group, which acquired the tower in 2006.
– **Oakland Marriott City Center:** Oakland’s largest hotel, a 500-key property, has defaulted on a $100-million loan, according to public records. The borrower, an affiliate of Gaw Capital Partners, initially took out an $80-million loan in 2017 and increased it to $100 million in 2019. Gaw purchased the full-service hotel in 2017 for $143 million.
– **Brooklyn Residential Development:** Real estate investor Daryl Hagler has secured a $42.5-million loan to support the construction of Watermark Capital’s 28-story, 497-unit residential project at 6128 Eighth Ave. in Brooklyn’s Sunset Park neighborhood. The project, built on a former rail yard, previously faced a foreclosure attempt by Rialto Capital Group.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
