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Return to Lender: Week of Feb. 6, 2025
- The owner of an office building and adjacent parking lot two blocks from Coors Field in downtown Denver has relinquished the property to its lender to avoid foreclosure on a $24-million note, reported the Denver Business Journal. Seattle-based Urban Renaissance Group has signed a deed in lieu of foreclosure surrendering the building at 2399 Blake St. and the nearby parking lot at 1561 Park Ave. W. to Chicago-based EquiTrust Life Insurance Co. acquired the nearly 3.3-acre Five Points property.
- The fate of a historic warehouse next to the Footprint Center in downtown Phoenix is up in the air following a foreclosure sale of the property, the Phoenix Business Journal reported. That warehouse at 39 E. Jackson St. was going to be incorporated into a 25-story Fairmont hotel and residences tower with five restaurants. However, the lender, Aeneas Venture Partners 4 LLC, bought back the building as the sole bidder in a January trustee auction for $17.2 million after the developer defaulted on its $15-million loan.
- A court ruling in the historic Wanamaker building’s foreclosure case sided with lender TF Cornerstone and eliminated the possibility of the case heading to a trial, according to the Philadelphia Business Journal. The ruling in the Philadelphia Court of Common Pleas means the beleaguered Center City office building is on track to eventually head to an auction as the New York developer looks to seize control of the building from Philadelphia-based Rubenstein Partners. A hearing to assess TF Cornerstone’s damages is scheduled for Feb. 25.
- Capital One is moving to offload a $25-million loan backed by a Shorenstein-owned office building, the San Francisco Business Times reported. The Virginia-based lender listed for sale debt backed by 208 Utah St., a 78,740-square-foot office and industrial building in San Francisco’s Showplace Square. Eastdil Secured is marketing the loan, but acquiring the property itself is also an option.
- The foreclosure auction on Piedmont Center, a 46-acre office complex in Atlanta’s Buckhead neighborhood, has been delayed, reported the Atlanta Business Chronicle. Morgan Stanley filed to foreclose on a $330.8-million loan tied to the sprawling property along Piedmont Road, at first intending to foreclose in January and then delaying until February. Now, the auction is set for March, and potential bids for Piedmont Center could be near $200 million, or $91 per square foot. JLL is marketing the property.
- The Pittsburgh Business Times reported that a foreclosure action has been filed against the ownership of six buildings at Parkway Center in Pittsburgh. Delaware-based Wilmington Trust working as trustee for Wells Fargo Commercial Mortgage Trust, filed the complaint in mortgage foreclosure in mid-December against PWC Pitt LLC, an affiliate of Florida-based Market Street Real Estate Partner. The filing alleges that PWC Pitt LCC initially defaulted on paying for the insurance on the property in June 2024 and then stopped making full monthly mortgage payments in August on a more than $42-million mortgage issued in 2018.
- Trepp reported that PCCP LLC has defaulted on the $72-million loan encumbering a 152,300-square-foot office building at 2390 Mission College Blvd. in Santa Clara, CA. The loan was provided in 2022 by AB Commercial Real Estate Debt. Built in 2018, the property is 55% vacant and was appraised at a value of $73.24 million.
- A former SAP Labs building in Palo Alto, CA has defaulted on a loan and gone into receivership, according to the Silicon Valley Business Journal. The 56,279-square-foot property at 3408 Hillview Ave. has been vacant since 2022, leading to a loss of more than $2 million in annual rent payments. The building’s owners, Pollock Financial Group, fell behind on loan payments. The loan was then transferred to special servicer Rialto Capital, which is currently seeking a court-appointed receiver.
- ◦Sale/Acquisition
- ◦Financing
