### Return to Lender: Week of March 13, 2025
#### RG Real Estate Acquires TownPark Commons at a Discount
Atlanta-based commercial real estate firm RG Real Estate has acquired TownPark Commons in Kennesaw, GA, for $42 million—nearly 47% below its 2021 appraised value, according to the *Atlanta Business Chronicle*. The sale was facilitated by special servicer KeyBank National Association on behalf of a trust. TownPark Commons was part of Adventus Realty Services’ portfolio, which had ties to $350 million in CMBS. The trust representing loan investors foreclosed on the metro Atlanta properties in December.
#### One Calvert Plaza Tower in Baltimore Hits the Market
The historic One Calvert Plaza tower in downtown Baltimore is up for sale after being stalled in redevelopment and placed in receivership since December, *Baltimore Business Journal* reports. Located at 201 E. Baltimore St., the 157-unit property has been partially converted from office space to luxury apartments, predominantly one-bedroom units averaging 611 square feet. Listed without a base price, the building will be sold as-is, free of all liens and judgments.
#### Starwood Capital Group’s Hotel Portfolio Moves to Special Servicing
A $577.3 million loan tied to Starwood Capital Group’s hotel portfolio has transferred to special servicing, according to Morningstar Credit. The portfolio comprises 65 mixed-service hotels across 21 states, with a total of 6,370 keys under 14 different franchises. Performance has steadily declined in recent years, with net cash flow in 2023 falling 48% below issuance due to revenue declines. Discussions regarding loan modification terms are underway.
#### Esplanade I Loan Transferred for Monetary Default
The loan on Esplanade I, a suburban office property in Downers Grove, Illinois, has transferred to special servicing due to a monetary term default, Morningstar Credit reports. The $57.3 million loan, securitized under CGCMT 2016-P4 & CGCMT 2016-P5 (CMBX.10), last reported occupancy at 72% in September 2024—down from 86% at issuance. In 2023, the DSCR fell below breakeven at 0.72x, with no improvement in 2024. The loan is scheduled to mature in July 2026.
#### 1500 Broadway Loan in Midtown Manhattan Extended
A $335 million securitized loan backed by 1500 Broadway in Midtown Manhattan has been modified, Morningstar Credit reports. The loan, initially set to mature in October 2024, was extended to October 2026, with two additional 12-month extension options. A new appraisal conducted in December 2024 valued the property at $335 million—marking a 59% reduction from its original $810 million valuation.
#### Modification Approved for Fordham Medical Office Portfolio Loan
The $39.5 million loan tied to the Fordham Medical Office Portfolio has been modified, with the borrower bringing the loan current, according to Morningstar Credit. The loan, representing 5.4% of MSC 2018-H4 (CMBX.12), will no longer be cash managed. As part of the modification, the borrower partially paid down the principal to release the 656-660 E. Fordham property from collateral. Initially transferred to special servicing in August 2024, the portfolio now consists of two medical offices—one in Upper Manhattan and one in the Bronx.
