New York Life Insurance recently foreclosed on an office building in Addison, TX after the owners defaulted on their mortgage. The 1998-built property was valued at $21.8 million and had been owned by a Houston-based investor since 2014.
BrightSpire Capital Inc., based in Los Angeles, acquired The Longfellow Building in Washington D.C for $21.2 million through an auction process. This equates to approximately $109 per square foot for the 193,400-square-foot building which was previously owned by Chicago-based coworking company Expansive.
Two financially troubled apartment developments will be auctioned off together this Friday in Pierce County, WA after being put into receivership by their lender Parkview Financial of Los Angeles earlier this year due to defaulting on approximately $36 million owed.
Hertz Investment Group of Santa Monica has agreed to a takeover of its downtown St.Louis office tower following allegations of loan default from investors who filed a lawsuit against Hertz claiming they failed to pay back over $16 million owed as part of a larger loan from JPMorgan Chase that matured August 1st.
Two high-profile Manhattan office towers have gone into special servicing with one being transferred due to imminent maturity default and another being placed under watchlist status since February before ultimately transferring it over as well according Bloomberg News reports and Kroll Bond Rating Agency’s monitoring efforts respectively.KBRA also identified multiple loans totaling nearly two billion dollars with exposure related specifically towards proposed lease rejections made during WeWork’s bankruptcy filing affecting twelve properties collateralizing twelve loans across twenty-nine deals while additionally contributing two properties collateralizing five commercial real estate securitizations worth seventy-five hundred thousand dollars combined all tied directly towards these same lease rejection proposals.
