According to a report from Trepp, Harbor Group International has acquired the Lofts at Twenty25 apartment complex in Atlanta, consisting of 623 units. The property was previously financed by Norfolk-based investment manager two years ago for $104.7 million and purchased by Miami’s Westside Capital Group for $136 million. However, recent data compiled by Trepp shows that the property has been struggling with occupancy issues in Atlanta’s Buckhead neighborhood – dropping from 45% to just 26% at the end of the first quarter.
In Emeryville, California, a lender has taken over ownership of an apartment complex known as Bayview after completing a deed in lieu of foreclosure. The property consists of 186 units and is now owned by CIM Group instead of its previous owner Amcal Housing based in Agoura Hills.
Trepp also reported that L’Enfant Plaza – a four-building office and retail space totaling nearly 900 thousand square feet located in Washington D.C., is set to go up for auction on October 23rd due to foreclosure proceedings initiated by JBG Smith Ventures based out Bethesda Maryland. This venture had written off their investment back down down zero since purchasing it along with an adjacent hotel back in ’03; they had secured financing through Blackstone Mortgage Trust who later funded parts through CLO market channels.
Tides Equities which operates out Los Angeles have recently faced two more foreclosures suits filed against them according to Trepp reports; one scheduled next month Dallas while another slated Northlake Texas both properties were acquired early last year backed Starwood Mortgage Capital loan worth $152-million dollars respectively Elsewhere Austin Bridge Investment group filed foreclose Mueller Property bought using provided valued twenty-three point nine million dollars originally Tides Real Estate Services LLC then sold off Spinoso hired JLL Charlotte Business Journal marketing sale One Willoughby Square Brooklyn New York City Department Administrative Services leased until December twenty-five.
Morningstar Credit reported that the loan for Independence Loft property in Philadelphia has been transferred to special servicing due to non-monetary default. The sponsor had previously failed to submit financials and there were outstanding tax and insurance advances throughout 2023. Most recently, the sponsor’s bankruptcy filing has resulted in a non-monetary default, pushing the loan into special servicing.
In Dallas, Crowne Plaza hotel secured by lodging property was also transferred to special servicing for non-monetary defaults according Morningstar Credit report. The servicer commentary notes potential defaults under franchise agreement which could result in loss of Crowne Plaza flag; post-COVID performance shows a 26% decrease from original issuance net cash flow figures back ’23.
