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Return to Lender, Week of July 10, 2025
- Special servicer A10 Capital has won a bankruptcy auction with an $89.6-million credit bid for the Gateway at Wynwood office building and a neighboring bank branch in Miami, but the debtor is seeking more time to sell to an interested third party, according to the South Florida Business Journal. Kevin J. Nash, the debtor’s counsel, declared in a filing with U.S. Bankruptcy Court in New York that Beach Hill Capital Investors LLC showed a “strong expression of interest” in buying the property “based upon a significantly higher purchase price.”
- The San Francisco Business Times reported that Oakland’s largest hotel has been purchased by its lender at foreclosure auction for less than half the price it fetched before the pandemic. An affiliate of global real estate investor Invesco, the beneficiary of the underwater loan, acquired the Oakland Marriott City Center with a winning bid of $70.2 million. The hotel was last sold to previous owner Gaw Gapital for $143 million in 2017. The winning bid price represents a 51% drop in value from Gaw Capital’s acquisition price and 30% less than the value of the $100-million loan tied to the property that the owner defaulted on earlier this year.
- Three years after a San Francisco firm bought a Class A office building in Gold River, CA with belief in a rebounding office market, it has sold out of a foreclosure situation. The Sacramento Business Journal reported that investor Ethan Conrad closed escrow last week on 12009 Foundation Pl., making it the second building his company owns in Gold Pointe Corporate Center. Conrad paid $8.06 million for the three-story, 107,934-square-foot building, or 41% less than Bering Capital paid in 2022.
- A Martin Selig Real Estate parking lot in receivership near Seattle Center has sold for $2.5 million, the Puget Sound Business Journal reported. A limited liability company, apparently affiliated with Seattle-based Diamond Parking, acquired the 7,240-square-foot lot at 133 First Ave. N. The sale price was 37% below the property’s assessed value. The lot is the second of seven Seattle parking properties Selig lost control of this year to be sold by the receiver. The properties are being overseen by Joseph Fanelli of J. Fanelli Properties.
- CBRE announced a deadline of July 16 at 5 p.m. for offers on the Grant Building in Pittsburgh, reported the Pittsburgh Business Times. The 37-story office building at 310 Grant St. is being sold following a receivership triggered by a foreclosure action from Wilmington Trust over a $37.8-million debt tied to a 2017 mortgage.
- Morningstar Credit reported that the special servicer has won a summary judgment against the sponsor of 750 Lexington Ave. ($122.9 million | GSMS 2015-GC34 & CGCMT 2015-GC35 | CMBX.9) and will move to foreclose on the property. The loan, backed by 382,000 square feet of office and retail in midtown Manhattan, has been with the special servicer since October 2023 and hasn’t posted a DSCR above break-even in three years. The most recent appraisal valued the property at $50.0 million, compared to the $300-million value when the loan was originated.
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