Madison Realty Capital (MRC), a Manhattan-based real estate firm, has acquired a foreclosed apartment complex in Brighton Beach, Brooklyn for $24 million. The 41-unit property on Brighton 1st St. was previously owned by Brooklyn-based developer Chaim Miller and sold as part of bankruptcy proceedings.
In Southwest Washington D.C., one of the office buildings within the Portals complex is facing foreclosure according to reports from the Washington Business Journal. Acore Capital Mortgage LP filed a notice for foreclosure on Portals III, which received a loan of $177 million in September 2019 with an outstanding balance of $155.7 million as reported by Boston-based MetLife Investment Management on behalf of building owners Republic Properties Corp and Samsung SRA Asset Management Co Ltd based in DC and Seoul respectively.
CBRE has been tasked with marketing Portland’s historic J.K Gill Building after it went into foreclosure last November according to reports from the Portland Business Journal . Seattle’s Urban Renaissance Group had taken out a loan from First Interstate Bank but defaulted leading to its eventual sale while being completely vacant at present time.
Morningstar reported that GGP 3PCK Portfolio ($251.3 million | GSMS 2018-3PCK) has moved back into special servicing due to reasons not mentioned within servicer commentary although there were conditions set upon its second extension option including meeting debt yield hurdles which weren’t met based off year-end cash flow figures despite having paid down some debt earlier this month following modifications made last year extending maturity until March2024 along with an additional six-month extension option available if needed however no mention was given about why this transfer occurred now instead before or after those payments were made recently either so we can only speculate what caused it happen when did occur without any further details provided other than what already known publicly thus far anyway since nothing else seems changed much otherwise yet still remains unclear exactly how long will take resolve this issue going forward.
Shorenstein Properties is currently in talks with a special servicer to renegotiate the terms of its $188-million mortgage on 1700 Market St. which came due last week according to reports from the Philadelphia Business Journal . The loan was held by investors within a CMBS trust and Shorenstein requested it be transferred into special servicing so they could engage in discussions about modifying their debt agreement as well submitted proposal back December while settlement negotiations were ongoing when most recent report was issued January 15th however no mention given about what’s been happening since then or how long will take resolve this matter either yet still remains unclear exactly why needed transfer occur now instead before or after those payments were made recently either without any further details provided other than what already known publicly thus far anyway since nothing else seems changed much otherwise yet still remains uncertain exactly how long will take resolve this issue going forward.
The Miami International Mall ($159 million | JPMBB 2014-C18 & JPMBB 2014-C21 | CMBX.8) has been transferred over into special servicing as part of February remittance, same month that loan set matured reported Morningstar although unable payoff appear tied flagging occupancy late2023 net cash flow pace exceed past two years lags issuance significant lease rollover next12 months makes up26.5% C18 deal7.7% C21 deal too but not clear why happened now instead before/after payments made earlier unless something else occurred behind scenes we don’t know anything about just yet though hopefully more information becomes available soon enough at least until then all can do speculate reasons caused happen way did without knowing full story behind it all unfortunately for time being anyway
Peachtree Center ($115.3 million | JPMCC 2018-PTC) reappraised $155 million month19% decrease from1924-million appraised value July2022 reported Morningstar Atlanta office property been REO since September2022 after years below-market occupancy notably due departure largest tenant Truist Bank 2021 contributed roughly21% underwritten rent13% GLA majority space remains vacant.
Second significant office building downtown Pittsburgh starting off new year facing foreclosure according to reports from the Pittsburgh Business Journal . With Grant Building already facing possible foreclosure Delaware bank K&L Gates Center which ranks as downtown’s 12th-largest at more than629,000 square feet also faces new action court filings show lender Pacific Life claims debt balance $59.1 million based on2012 mortgage78-million court documents indicate went default December however complaint filed Dec.21st indicated could sell it too but not clear why happened now instead before/after payments made earlier unless something else occurred behind scenes we don’t know anything about just yet though hopefully more information becomes available soon enough at least until then all can do speculate reasons caused happen way did without knowing full story behind it all unfortunately for time being anyway
Two Executive ($54.5 million | 6.4% of BBCMS 2023-C19) transferred special servicing term default reported Morningstar The office/multifamily Fort Lee NJ securitized in23 several issues have arisen since issuance servicer comments show insurance documents weren’t properly submitted following fire required repairs haven’t addressed discrepancies financial reporting although financials haven’t been reported either so far this year while September23 OSAR showed NOI down43% underwriting.
Lenox Park an Memphis ($22.2 million |27.% WFCM2019-C52) transferred special servicing January monetary term default according to reports from Morningstar borrower requested discounted payoff evaluating proposal currently still ongoing process no mention given how long will take resolve this matter either yet still remains unclear exactly why needed transfer occur now instead before or after those payments were made recently either without any further details provided other than what already known publicly thus far anyway since nothing else seems changed much otherwise yet still remains uncertain exactly how long will take resolve this issue going forward.
