“Return to Lender: June 13, 2024 Week”

"Return to Lender: June 13, 2024 Week"

Equity Secured Investments Inc., a commercial real estate lender based in Austin, recently acquired the rights to 151 E. Travis St. in downtown San Antonio through a foreclosure auction on June 4th, according to the San Antonio Business Journal. The riverfront site was previously owned by Harris Bay and had plans for a boutique hotel development, but defaulted on their $2.1 million loan.

In New York City, Empire Capital Holdings and Namdar Realty Group purchased an office property at 321 W. 44th St for less than $50 million – a significant discount from its previous sale price of nearly $153 million in 2018 under Related Fund Management’s ownership.

The foreclosure auction for Brooklyn Tower’s property at 9 DeKalb Ave has been postponed as Silverstein Properties is currently in settlement talks with developer JDS Development over their default on a $240-million loan.

Houston-based investment firm Jetall Capital is facing legal disputes over financial issues with one of their properties located near Houston’s Uptown/Galleria area – specifically the two-building complex at Post Oak Boulevard and Briar Hollow Lane that they own.

A gas station/car rental/tire repair center west of Boynton Beach is being targeted by City National Bank of Florida through a foreclosure lawsuit worth $5.55 million against West Boynton Auto Services and other related parties involved with the property located at7450 Boynton Beach Blvd.

Chelsea Pacific Holdings has defaulted on its loan against Chancery Building – an office property measuring approximately59,100 square feetinSan Francisco- which was originally financed by JPMorgan back in2009for$9 .2million.The company now owes$1 .5millionand could potentially faceaforeclosure sale after September2024ifthe default remains unresolved.

Westfield Main Place,a retail centerlocatedin Santa Ana,CAlast soldfor$140millionbackinJuneof2016. The property’sCMBS loan has recently been transferred to special servicing as the borrower had requested a 120-day maturity extension which was denied by the servicer. With its June2024maturity date approaching, it is expected that a resolution will be reached in September of that same year, potentially through an extension of the loan term.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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