### Return to Lender: Week of March 27, 2025
#### Torchlight Investors Forecloses on Washington, DC Apartment Property
Torchlight Investors has assumed the ground lease interest in the 266-unit Onyx on First apartment property in Washington, DC’s Navy Yard area through foreclosure, according to Trepp. The New York-based lender originally provided $47.5 million in financing in 2021 for the property located at 1100 First St. SE. The property was previously owned by a joint venture between Urban Investment Partners and Blue Owl Capital, which had purchased it in 2018 for $95.5 million before selling the fee interest to Safehold Inc.
#### Blox Ventures Acquires Emeryville Office Property
Blox Ventures has completed its acquisition of a commercial office property at 6001 Shellmound St. in Emeryville, CA via a deed in lieu of foreclosure, according to the *San Francisco Business Times.* The San Francisco-based firm purchased the $21.61-million loan secured by the eight-story, 109,333-square-foot property from PNC Bank in December for $6.8 million, representing a 68% discount at approximately $62 per square foot. The property was previously owned by Sagard Real Estate, formerly known as EverWest Real Estate, which had purchased it in 2017 for $33 million and secured a loan that matured in December.
#### San Francisco Union Square Properties Face Auction
The adjacent buildings at 222 Kearny St. and 180 Sutter St. in San Francisco’s Union Square are set for a public auction on April 10 at 1:30 p.m. outside San Francisco’s Memorial Court gates, as reported by the *San Francisco Business Times.* Chicago-based Gem Realty Capital and Flynn Properties, which acquired the buildings for $74.75 million in 2019, have been in default on a $47.5-million loan for more than a year. While lender Goldman Sachs has repeatedly threatened foreclosure, negotiations between parties had previously delayed the process. However, these discussions reportedly ceased earlier this month.
#### DoubleTree Berkeley Marina Loan in Special Servicing
The $48.3-million CMBS loan on the DoubleTree Berkeley Marina has been transferred to special servicing for imminent monetary default, according to Morningstar Credit. The full-service hotel in Berkeley, CA has struggled financially since the pandemic, with revenue failing to meet issuance projections and the debt service coverage ratio falling below breakeven.
#### Cathedral Place Loan Misses Maturity Date
Cathedral Place, a 219,778-square-foot office property in Milwaukee, has been transferred to special servicing after its loan missed the March 2025 maturity date, Morningstar Credit reported. The $33.7-million loan, which accounts for 4.6% of the WFCM 2015-C29 portfolio, has experienced declining occupancy, with rates dropping from 96% earlier in the year to 71% as of December 2024, mainly due to the departure of Deloitte. Despite strong performance during the loan term, with 2024 net cash flow up 7% from issuance, the borrower has indicated plans to refinance.
