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Return to Lender: Week of August 28, 2026
- The $70-million sale of Philadelphia’s largest office property has been approved by a judge, clearing the way for a major redevelopment project in Center City, the Philadelphia Business Journal reported. U.S. District Court Judge Nitza Quiñones Alejandro issued an order directing the sale of the 1.76-million-square-foot Centre Square complex to affiliates of local developer PMC Property Group and investor Dean Adler. The sale of the two mostly vacant office towers is to close by an Oct. 16 deadline, ending a foreclosure case stretching back to January 2023.
- Digital Realty Trust is set to pay $90 million for the 108-acre Hawthorne Race Course at 3501 South Laramie Ave. in Stickney, IL, about nine miles southwest of Chicago, Trepp reported, citing Crain’s Chicago Business. The Austin-based data-center REIT is expected to close on the purchase early next month. The property, which held its final horse race last month, is being sold through a Chapter 11 bankruptcy proceeding. Digital Realty submitted the only qualifying bid among 70 groups that engaged with brokers.
- The Washington Business Journal reported that a prominent Anacostia office building at the center of since-dismissed Chapter 11 bankruptcy protection proceedings involving an affiliate of a DC healthcare provider has been scheduled for another foreclosure auction. A Sept. 28 auction has been scheduled for the 63,000-square-foot Anacostia Gateway office at 1800 Martin Luther King Jr. Ave. SE. The property owner is Hermes Investments LLC, an affiliate of District HealthCare Services LLC, which owes $16.2 million on the note held by SSR 1800 MLK LLC
- The $26.5-million securitized loan on Elevate at the Pointe (3.0% of BBCMS 2024-5C25 | CMBX.18) moved to special servicing, according to Morningstar Credit. The servicer noted failure to comply with cash management provisions, failure to satisfy debt yield requirements, and non-payment of insurance premiums as the reasons for the transfer. Performance at the Marietta, GA multifamily property has been middling at best, with net cash flow failing to meet underwritten levels and the DSCR falling below breakeven as of March 2026.
- Summit at Southpoint ($24.6 MILLION | 2.8% of BBCMS 2022-C14 | CMBX.16) moved to special servicing after the borrower stated it would no longer fund shortfalls, Morningstar Credit reported. The loan, secured by a 265,000-square-foot office property in Jacksonville, FL had stayed current throughout the loan term until the DSCR fell below breakeven this year. On a positive note, servicer commentary notes that the largest tenant has signed a 10-year extension.
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