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Return to Lender: Week of August 6, 2026
- After four years of financial distress, the lender behind the debt on three office buildings in Brookfield, WI’s Bishops Woods business park has taken control of the property in an $18.3-million foreclosure sale, reported the Milwaukee Business Journal. Citigroup, which created a CMBS trust on the three-building Pinnacle campus, was the winning bidder in a sheriff’s sale held in March and published by the Wisconsin Department of Revenue on July 31.
- The loan backed by Gateway Center in Pittsburgh ($91.8 million | JPMCC 2013-C10) liquidated via a note sale this month, taking a huge loss in the process, according to Morningstar Credit. The reported gross proceeds were just $37.4 million, down from the most recently reported appraised value of $69.5 million. This ultimately resulted in a loss of $64.8 million to the trust. The loan had been in special servicing since August 2024, moving ahead of its extended maturity date in January 2025.
- A Boston investment firm has offered to pay tens of millions of dollars to acquire Spirit Airlines’ former headquarters in South Florida. The South Florida Business Journal reported that the now-defunct carrier named an affiliate of Hill City Capital as the stalking horse bidder with an $88-million bid itin the upcoming auction of its corporate campus, now set for August 11. The campus includes an office building, training facility, garage and temporary housing for out-of-town employees.
- Lenders are moving to foreclose on a portion of the Showboat Resort in Atlantic City and auction it off at sheriff’s sale, the Philadelphia Business Journal reported. A foreclosure complaint was filed against Showboat Properties LLC and owner Bart Blatstein on June 30 in Superior Court of New Jersey, Chancery Division for Atlantic County. Computershare Trust Co. filed the complaint on behalf of investors in the trust that holds the $48.5-million CMBS loan on the property.
- The San Francisco Business Times reported that a Mid-Market San Francisco budget hotel has been served a default notice on a 2015 loan, putting the five-story property at risk of foreclosure. The owner of the Inn at Market hotel at 1412 Market St., formerly the New Central Hotel and Hostel, received the notice from its lender’s agent on July 15 after failing to repay a $9 million loan from First Republic Bank in 2015 that matured in March. The amount owed between debts and fees, as of June 30, was more than $8.3 million and climbing.
- The owner of an apartment complex in Northeast Austin has filed for Chapter 11 bankruptcy protection, the Austin Business Journal reported. GW Hillside Austin QOZB Ltd. filed for reorganization on July 31 in the U.S. Bankruptcy Court for the Western District of Texas. The company’s address is listed at 5333 E. Parmer Ln., matching that of an apartment complex called Hillside on Parmer Lane.
- ◦Sale/Acquisition
- ◦Financing
