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 Jan. 16, 2025
- Accesso Partners has surrendered the 393,107-square-foot office property at 20 North Clark St. in Chicago to its lender in a deed-in-lieu of foreclosure, Trepp reported. Lender One William Street Capital Management provided $67 million against the building in 2021. Accesso, a Hallandale Beach, FL-based investment manager, acquired the property in 2013 for $64 million in partnership with a client of UBS Global Asset Management. It bought out its partner in 2017, in a deal valuing the building at $94 million.
- Tides Equities has turned over the 256-unit Tides on 44th apartment property in Phoenix to its lender, Starwood Property Trust, according to Trepp. The lender provided $46.2 million of financing against the property shortly after the Los Angeles-based company bought it in 2022 for $51 million. Starwood placed the winning $26.3-million bid at a recent trustee’s sale.
- An affiliate of Insignia LLC has acquired Parkside Terraces after the previous owner surrendered the 20-acre Alpharetta, GA office campus to avoid foreclosure, the Atlanta Business Chronicle reported. Insignia took title to the property for $15 million through a deed in lieu of foreclosure, a purchase price that was almost 70% less than the previous owner paid for the property six years ago. Insignia secured a $10-million loan from White Oak Assets LLC for the transaction, according to property deeds.
- The Leamington, a historic Oakland, CA office tower at 1814 Franklin St., went back to its lender, CIT Bank, through a deed in lieu of foreclosure, the San Francisco Business Times reported. Harvest Properties purchased the Class B building in 2015 for $19.1 million but appears to have fallen behind on a $35.5-million loan it took out in 2019 on the property.
- The property that was the longtime home of Capra’s Sporting Goods in Blaine, MN sold for $2.1 million at a foreclosure auction to the owner of a mortgage loan taken out to secure the property. The Minneapolis/St. Paul Business Journal reported that Village Bank, which filed a foreclosure lawsuit on the property last May, is the new owner of the building at 8565 Central Ave. NE., where the sporting goods store was located for decades. The shop closed last year.
- The owners of Clackamas Town Center in Happy Valley, OR have defaulted on $191 million in mortgage debt, the Portland Business Journal reported. The default comes just months ahead of a slate of scheduled lease expirations affecting nearly half the rentable space at the 1.4 million-square-foot shopping mall. Split into two tranches, the loan was originated for $216 million by Bank of America in September 2012. The mortgage debt was sold that same year to a CMBS trust now managed by KeyBank National Association. A spokesperson for Brookfield Properties, which owns Clackamas Town Center, told the Business Journal it is working with its lender and there will be no impact to shopping center operations.
- ◦Sale/Acquisition
- ◦Financing
