The Brass Professional Center has recently been acquired by a special servicer in a distressed sale. According to the San Antonio Business Journal, LNR Partners was hired earlier this year after local real estate firm Brass defaulted on a $57 million loan, leaving behind over $31 million in unpaid balances across three tranches. Despite the loan not being due until 2030, missed payments resulted in default and led to the 11-building property being sold.
LNR purchased the property for $31,425,000 at an October 3rd foreclosure auction. This amount is significantly lower than its current estimated value of $70.3 million based on CMBS data analysis.
