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Return to Lender: Week of July 16, 2026
- A speculative office building in Atlanta’s West Midtown failed to land a tenant amid broader leasing challenges in the area, forcing the owner to hand over the keys. The Atlanta Business Chronicle reported that Bank OZK took ownership of the vacant 14-story, 225,000-square-foot building called 1050 Brickworks through a deed in lieu of foreclosure, according to property records. Chicago-based Sterling Bay took out an $85.5-million loan with Bank OZK in September 2022 for the building’s construction. Asana Partners, a Charlotte-based real estate firm that maintains ownership of a separate office and retail complex next to 1050 Brickworks, was a limited partner on the deal.
- Two of the four pari passu pieces of Bank of America Plaza ($400.0 million | multiple conduits | CMBX.8), backed by a Los Angeles ofice property, reported the loan’s liquidation this month, clocking in at a 44% loss severity. The GC25 piece took a loss of $48.4 million, which completely wrote down Classes F and G and partially wrote down Class E. The GC26 piece reported a loss of $10.3 million, which wrote off the remainder of Class H and part of Class G.
- Three years after foreclosing on a North Broad Street apartment building, its debt holders have sold the property to a national investment firm for $40.5 million, according to the Philadelphia Business Journal. An entity tied to Kayne Anderson Real Estate acquired the 265-unit Lofts 640 at 630-40 N. Broad St. from a CMBS trust that owned the $46-million loan that previously backed the building. The loan matured in late 2021, and the trust took possession of Lofts 640 after a foreclosure judgment was issued on the property in March 2023, according to CMBS reports.
- The leasehold interest in an office property in Alexandria, VA’s Old Town North sold Wednesday for $9.05 million following a multiday online receivership auction, reported the Washington Business Journal. Spanning 78,381 square feet across four levels, 11 Canal Center Plaza is the first of two Potomac riverfront office buildings in the Canal Center office park to hit the auction block. The other, 66 Canal Center Plaza, will be auctioned next month, again by Real Insight Marketplace and Transwestern’s Mid-Atlantic Capital Markets Group.
- An apartment building on a busy Denver street faces financial troubles due to missed payments on a 2023 loan, according to the Denver Business Journal. The POP Denver Apartments, at 655 Santa Fe. Dr., opened in 2023, the year the LLC associated with the development took out a loan from an entity tied to Builders Capital on behalf of Saluda Grade Alternative Mortgage Trust, an arm of Delaware-based Wilmington Savings Fund Society. First Stone Development, the owner behind the La Alma-Lincoln Park property, has failed to pay off the majority of the $35-million loan, according to Denver District Court records. The lender has asked the court to appoint a receiver to manage the property.
- The South Florida Business Journal reported that the South Florida Proton Therapy Institute and its advanced equipment at Delray Medical Center could be seized in an $81.32- million foreclosure lawsuit. UMB Bank, as trustee for investors in two bond funds, filed a leasehold foreclosure lawsuit on July 13 against Public Finance Authority, a Wisconsin-based conduit issuer that issued bonds to finance the Delray Beach proton therapy center, which is mostly used for cancer treatment. The lawsuit also named parties in the complaint that it stated may claim an interest in the proton therapy center but are not guarantors, including Tenet Healthcare Corp., Proton International LLC and Varian Medical Systems.
- The sole loan in the CALI 2024-SUN securitization ($280.0 million) has moved to special servicing after the borrower was unable to meet the extension option requirements, reported Morningstar Credit. The loan is backed by the Casa del Mar Hotel by the Sea and the Shutters on the Beach in Santa Monica. There is $120.0 million of mezzanine debt in addition to the trust debt, bringing the full debt stack to $400.0 million.
- Yorktown Center ($107.4 million | CGCC 2014-FL1) has moved to special servicing for the fifth time. The loan on the Lombard, IL mall missed another extended maturity date in June 2026. Cash flow in 2025 was only one-third of the underwritten amount. Morningstar Credit reported that a deed-in-lieu was identified as the workout strategy.
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