**Return to Lender: Week of June 12, 2025**
In the past week, several notable commercial real estate properties across the U.S. have faced foreclosure actions, receivership sales, or loan defaults, highlighting ongoing challenges in various real estate markets.
– **Tides on Cave Creek (Phoenix, AZ):**
The 206-unit Tides on Cave Creek apartment complex, located at 12810 N. Cave Creek Road, was sold at auction on May 28 to lender Mack Real Estate Group for $61.2 million. This marks the third multifamily property lost at auction in under a year by Los Angeles-based Tide Equities LLC, as reported by the Phoenix Business Journal.
– **285 Sobrante Way (Sunnyvale, CA):**
A vacant office building sold to LBA Realty of Irvine for $42.3 million. The property had been in receivership for eight months following a construction loan default. This acquisition becomes LBA’s fourth office asset in Northern California, according to the Silicon Valley Business Journal.
– **Columbus on Fifth (Miami, FL):**
The 72-unit apartment complex in Little Havana sold for $17.3 million to Columbus Apartments LLC, managed by Miami’s Javier Sanchez. The property had been seized by COF Investment LLC in 2023 through an $18.77 million foreclosure judgment. Coral Gables-based Banesco USA provided a $13.6 million mortgage to the buyer, reported the South Florida Business Journal.
– **Seattle Parking Lot (Seattle, WA):**
A 7,200-square-foot lot at 408 First Ave West—one of seven parking lots placed into receivership from Martin Selig Real Estate—sold for $3.1 million to a limited liability company affiliated with Clarius Group wealth management. The sale was handled by Cushman & Wakefield brokers, according to the Puget Sound Business Journal.
– **Bank of America Plaza (St. Louis, MO):**
A foreclosure sale is planned for the 30-story tower at 800 Market Street. U.S. Bank Trust Co., on behalf of debt holders, filed suit against owner Positive Investments in 2023 for nonpayment on a $50 million loan originally issued by Citigroup. The property has been in receivership since 2024, as reported by the St. Louis Business Journal.
– **8300 Tower, Normandale Lake Office Park (Bloomington, MN):**
MidWestOne Bank is seeking foreclosure on the mid-rise tower due to unpaid property taxes and default on two loans totaling $34 million. This becomes the fourth building in the complex to face foreclosure, reported the Minneapolis/St. Paul Business Journal.
– **Parkview Tower (King of Prussia, PA):**
The 10-story, 221,000-square-foot office building is scheduled for a sheriff’s sale on July 30 via the Bid4Assets platform. Keystone, the current owner, owes over $27 million on a CMBS loan that matured nearly two years ago. The property has been in receivership since October 2023, according to the Philadelphia Business Journal.
– **University Inn & Suites Berkeley (Berkeley, CA):**
Owner Kubera Hotel Properties LP has filed for Chapter 11 bankruptcy. The 113-room hotel, previously known as the La Quinta Inn by Wyndham Berkeley, was scheduled for a foreclosure auction on June 10 following a loan default earlier this year, as reported by the San Francisco Business Times.
– **Pearlridge Center (Aiea, HI):**
The $225 million retail collateral has transferred to special servicing prior to its June 2025 maturity, according to Morningstar Credit. The loan covers approximately 900,000 square feet of the 1.1-million-square-foot Pearlridge Center. Pearlridge Uptown II, a 154,000-square-foot component, had also transferred to special servicing last month ahead of its own maturity in May 2025.
These updates reflect the ongoing uncertainty in commercial real estate markets, especially among office and multifamily assets facing financial strain.
