The Washington Business Journal reported on Thursday that the office building at 1200 New Hampshire Ave. NW in Washington, DC has been acquired by Brookfield Properties through a deed in lieu of foreclosure. The 290,835-square-foot building was previously owned by an affiliate of GreenOak Real Estate Advisors and was purchased for $174.5 million in 2018 before its merger with Bentall Kennedy.
According to reports, Citibank issued a loan to GreenOak for $123.8 million and Brookfield became a B-piece bondholder when the loan was packaged as CMBS. In order to take possession of the property, Brookfield waived approximately $52 million from the loan resulting in a fee simple consideration of $70.8 million.
In Uptown Oakland, an office tower located at 1700 Broadway has been seized by its lender due to nearly a 70% drop in value since it was purchased seven years ago according to The San Francisco Business Times . Bank of Sierra is now the owner after no buyer emerged during a public auction where it was valued at only $4 million.
Another property facing financial troubles is located near Lake Merritt in Oakland known as 180 Grand Ave., which is currently under contract with newly formed real estate company Lakeside Group who plans on purchasing it through note sale according to The San Francisco Business Times . This comes after JLL marketed a nonperforming loan tied to this property worth around $95-million back in March.
Alex Cooper Auctioneers recently canceled their planned foreclosure sale for Waldorf Astoria Washington D.C., which had been scheduled for Thursday following news that their lender filed notice with DC Recorder of Deeds last month regarding outstanding debt totaling over$252-million reported The Washington Business Journal .
A prominent high-rise apartment complex called Vero Sade located within Dallas’ West Village neighborhood underwent renovations costing around$15-million but still faces potential foreclosure proceedings set for July 2 according to The Dallas Business Journal . Vero Sade co-founder Dan Bassichis stated that they are working with their lender to resolve the matter and maintain ownership of the property.
In Washington, DC, a foreclosure affidavit was recorded for 1129 20th St. NW on Monday by an affiliate of D.C.’s Monument Realty and Ares Management who acquired this property in December 2020 for $84.8 million reported The Washington Business Journal . It is not clear how much debt is owed on the note which was originally issued in January for $60.6-million.
The Bank of America Plaza located at800 Market St.in downtown St.Louis has been listed for sale by CBRE after its owner Positive Investments defaulted on their$50-million loan according to reports from TheSt.LouisBusinessJournal.com .
Morningstar Credit recently reported that Hollywood & Highland ($263.8 million | NCMS2019-FAME) has moved into special servicing ahead of its August2024 maturity date due to failing financing efforts prior during pandemic forbearance measures taken last year resulting in occupancy levels falling below underwritten expectations.
Fairview Park Drive ($90million|16.2%of WFRBS2014-C21|CMBX13) also transferred into special servicing as it failed find financing before its scheduled July maturity date despite reporting strong financials at year-end2023 including revenue exceeding underwriting levels although net cash fell just short according Morningstar Credit .
Lastly,Gateway Center($28million|4.%of JPMCC2019-COR5 | CMBX13 ) will soon loseits largest tenant,BankofAmerica ,ahead of September2024 lease expiration vacating242,820square feet(78%GLA),reducingoccupancytoaround9%.
