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Return to Lender: Week of June 12, 2025
- Tides on Cave Creek, a 206-unit apartment complex located at 12810 N. Cave Creek Road in Phoenix, sold at an auction on May 28 to lender Mack Real Estate Group for $61.2 million, according to Maricopa County documents. The Phoenix Business Journal said the sale marks the third multifamily apartment property that Los Angeles-based Tide Equities LLC has lost at auction in less than a year.
- A Sunnyvale, CA office building that was in receivership for eight months was just sold to a real estate investment firm out of Irvine, according to the Silicon Valley Business Journal. LBA Realty bought the vacant 285 Sobrante Way for $42.3 million on Wednesday. The new property adds a fourth building to LBA’s quickly growing portfolio of Northern California office real estate. LBA acquired the building out of a receivership stemming from a default on a construction loan.
- Two years after being seized by its lender in a foreclosure lawsuit, the Columbus on Fifth apartments in Miami’s Little Havana sold for $17.3 million, reported the South Florida Business Journal. Plantation-based COF Investment LLC, managed by Frank Escalante, sold the 72-unit apartment complex, at 514 S.W. 22nd Ave. to Columbus Apartments LLC, managed by Javier Sanchez in Miami. Coral Gables-based Banesco USA provided a $13.6-million mortgage to the buyer. COF seized the building in 2023 through an $18.77-million foreclosure judgment.
- The Puget Sound Business Journal reported that one of the Martin Selig Real Estate parking lots placed into receivership has sold for $3.1 million. A limited liability company bought the 7,200-square-foot lot at 408 First Ave W. in Seattle. The company is affiliated with the wealth management company Clarius Group. Cushman & Wakefield’s Tim McKay, Dan Chhan and Matt Kemper represented the receiver in the sale of the property, one of seven parking lots the financially besieged Selig lost control of earlier this year.
- The holders of debt on the 30-story Bank of America Plaza, located at 800 Market St. in St. Louis, plan a foreclosure sale. The St. Louis Business Journal reported that U.S. Bank Trust Co., on behalf of the debt holders, in 2023 brought suit against the owner of the tower, Los Angeles-based Positive Investments, alleging they hadn’t been paid. It’s now been in receivership since 2024. Positive defaulted on its $50-million loan on the property, originally made by Citigroup.
- The Minneapolis/St. Paul Business Journal reported that MidWestOne Bank is suing to foreclose on the 8300 Tower within the Normandale Lake Office Park in Bloomington, MN over allegations the property’s owner defaulted on the loans taken out to secure the building. It is the fourth tower in the complex to face such a suit. MidWestOne argues the building’s controller defaulted on two loans totaling $34 million by failing to make payments on the loans, as well as failing to pay property taxes.
- A 10-story King of Prussia, PA office building is scheduled to go to sheriff’s sale, according to the Philadelphia Business Journal. The Montgomery County Sheriff’s Office has listed the 221,000-square-foot Parkview Tower for auction on July 30 through online platform Bid4Assets. Keystone, the West Conshohocken, PA real estate firm that owns Parkview Tower, owes more than $27 million on a CMBS loan backing the property. The loan matured almost two years ago, and the building has been in receivership since October 2023.
- The owner of a Berkeley, CA hotel already subject to a foreclosure auction has also filed for Chapter 11 bankruptcy, the San Francisco Business Times reported. Kubera Hotel Properties LP, the owner of the University Inn & Suites Berkeley at 920 University Ave., submitted the filing in the Northern District of California Bankruptcy Court. The 113-key property, once known as the La Quinta Inn by Wyndham Berkeley, had been scheduled for a foreclosure auction on June 10 following a loan default earlier this year.
- Pearlridge Center ($225.0 million | JPMBB 2015-C30, JPMDB 2015-WPG & COMM 2015-CR25) has transferred to the special servicer ahead of its June 2025 maturity date, Morningstar Credit reported. The collateral includes roughly 900,000 square feet of a 1.1-million-square-foot superregional mall in Aiea, HI. Last month, Morningstar reported that the 154,000-square-foot portion of the mall, Pearlridge Uptown II, had transferred to special servicing ahead of its May 2025 maturity.
- ◦Sale/Acquisition
- ◦Financing
