National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Return to Lender: Week of Oct. 1, 2026
- The sale of 225 Bush in San Francisco is now complete, reported Morningstar Credit, citing the San Francisco Business Times. Flynn Properties bought the $350-million note for $221.0 million, then immediately took ownership of the property via a deed-in-lieu of foreclosure. While still resulting in a significant loss, Morningstar Credit noted that the outcome shows the benefits of accretive leasing and a rebound in higher end San Francisco office space given that the property was appraised for just $153 million in May 2025. The deed-in-lieu represents the third time Flynn has assumed ownership of the property.
- The CMBS loan on Bank of America Plaza ($42.8 million | GSMS 2015-GC30) was liquidated in August 2026, taking a $39.1-million loss in the process, according to Morningstar Credit. The loan, backed by a 760,000-square-foot office building in St. Louis’ CBD, had been in special servicing since May 2023 and had been REO since July 2025. The loss was mostly absorbed by Class G, with $1.2 million pushing into Class F.
- A private investor will pay $3.2 million to acquire two Mt. Vernon properties once owned by Baltimore developer Brandon Chasen, reported the Baltimore Business Journal. The properties — including a pair of rowhouses at 906 and 935 St. Paul St., and another pair at 921 and 923 St. Paul St. — were the only ones changing hands out of a portfolio of eight Chasen multifamily and office buildings offered at a foreclosure auction Wednesday. The bidder was a representative of Baltimore’s Centinela Property Management LLC, acting on behalf of an unidentified buyer. The properties were sold in two separate transactions, with each bringing a winning bid of $1.6 million. Alex Cooper Auctioneers organized the auction.
- Rialto Capital recently seized ownership of 580 Market St., a century-old, 35,000-square-foot property on top of the Montgomery BART station in San Francisco, reported the San Francisco Business Times. Rialto is now weighing whether to hold onto the building and fill it with new tenants, or sell it immediately.
- Malman Real Estate, along with two external partners, is under contract for an office property known as The Symes Building at 820 16th St. in downtown Denver, the Denver Business Journal reported. The deal is expected to close in early November with a purchase price of $2.7 million. Previously, an idea to convert the 98,577-square-foot building into residences was approved for city funding, but the plan was canceled when the building went into foreclosure under its previous owners. Lender Thorofare Capital acquired the property through foreclosure this past February.
- The Washington Business Journal reported that a large Brutalist office building near Judiciary Square that’s slated for conversion into 500 residential units may be headed to a foreclosure auction. An affiliate of noteholder Criterion Real Estate Capital filed a foreclosure notice on Monday for 450 Fifth St. NW. The owner, Judiciary Plaza LLC, owes $166.6 million on a $177.5 million note from 2007, according to the notice. The 539,478-square-foot building is scheduled for an Oct. 28 foreclosure auction at the D.C. office of Alex Cooper Auctioneers.
- A downtown St. Louis hotel is poised to exit receivership after more than three years, reported the St. Louis Business Journal. The St. Louis Circuit Court approved Midas Hospitality’s motion to conclude its receivership of the Hotel Indigo at 501 Olive St. Downtown. The end of the receivership comes after the 88-key hotel was sold in July. Miami-based La Salle Gateway Partners purchased the hotel for $2.3 million, also assuming responsibility for the remainder of a PACE loan on the property. The building has an appraised value exceeding $6.1 million.
- ◦Sale/Acquisition
- ◦Financing
