San Antonio Office Property Sold in Distressed Sale

The Brass Professional Center has been recently 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. The remaining balance of over $31 million is divided into three tranches and the loan was not set to mature until 2030. However, delinquent payments led to default and ultimately resulted in an 11-building property being sold at foreclosure for $31,425,000 by LNR on October 3rd. This price is significantly lower than the current estimated cost basis of $70.3 million based on CMBS data.