Kroll Bond Rating Agency has reported that the Columbus Square Portfolio, consisting of five condominium buildings on Manhattan’s Upper West Side, is facing an imminent maturity default. The portfolio, valued at $370.6 million and financed through four 2014 conduit transactions, has been transferred to a special servicer for resolution. According to KBRA’s report, the loan is currently in good standing with no additional information provided by the special servicer.
In San Francisco, Strada Investment Group has acquired 201 Spear St., a commercial office building previously owned by PGIM Real Estate Finance. The property was purchased at a significant discount from its pre-pandemic value through a deed in lieu of foreclosure transaction for $67.25 million.
Trinity Place Holdings Inc., based in New York City, has entered into an agreement with its lender under its corporate credit facility and one of their affiliates to issue common stock worth 25 million shares at 30 cents per share as part of their loan forbearance agreement extended until January 31st.
The lender on Denver’s historic office building located at1801 Broadway Ave is moving forward with foreclosure proceedings after Expansive (formerly known as Novel Coworking) failed to make payments on their $35-million loan originated by LoanCore Capital Credit REIT LLC.
In San Francisco’s South Financial District area lies an uncertain future for TKG-owned property located at140 Second St., which missed over three months’ worth of payments on its $19.58-million Natixis-issued mortgage and was subsequently transferred to special servicing due to payment default accordingto bondholder notes sent out last December.
A six-story commercial building situated in Manhattan’s Financial District known as74 Broad St.was sold via deed-in-lieu-of-foreclosure sale for$19 .6millionto Nassimi Realtyby Caspi Development and Mactaggart Family & Partners according topublished reports
