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Return to Lender: Week of June 19, 2025
- Martin Selig Real Estate has signed an agreement to turn nine office assets over to custodial receiver Krista L. Freitag, who took control of the properties backing a $345-million loan, reported the Puget Sound Business Journal. Selig borrowed the $345 million from Goldman Sachs in March 2015.
- The San Francisco Business Times reported that lenders seek to offload nonperforming debt backed by 140 Second St., offering a path to take ownership of the downtown San Francisco office property itself. listed a loan with a $19.58-million balance tied to the 34,000-square-foot 140 Second for sale this week. Building owner TKG stopped making consistent monthly payments on the loan nearly two years ago.
- Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm, in conjunction with Wilshire Advisory Group, has been retained to market and conduct the bankruptcy sale of a one-of-a-kind rooftop commercial condominium located on the entire top floor of Brickell House, a Miami residential tower. The offering includes Commercial Units 8, 9, and 11 at 1300 Brickell Bay Dr.
- The $241-million securitized loan on 85 Broad St. has transferred to special servicing this month, after several months of late payments, according to Morningstar Credit. Occupancy at the Lower Manhattan office property was down to 62% as of March 2025, from 72% at year-end 2024 and 89% at issuance. The loan, due to mature in June 2027, was structured with subordinate debt totaling $117.6 million, bringing the total outstanding debt balance to $358.6 million.
- Morningstar Credit reported that the Austin Multifamily Portfolio ($110.0 million | BMARK 2023-V2 & BMARK 2023-V3) has transferred to special servicing for monetary default. The full-year 2024 net cash flow was down 16% from issuance, a combination of weak revenue and increased expenses, pushing the DSCR near breakeven at 1.02x. The portfolio includes two garden-style apartments in north Austin, off I-35.
- The D.C. Office Portfolio ($103.0 million | MSBAM 2017-C33 & BANK 2017-BNK4) has transferred to special servicing, with the servicer citing imminent monetary default as the cause, reported Morningstar Credit. The portfolio comprises three Class B offices in Washington, DC’s CBD and has reported weak performance for several years.
- 100 East Pratt ($103.0 million | JPMDB 2016-C2 & JPMCC 2016-JP2) has gone into special servicing after the largest tenant, T Rowe Price, vacated at its April 2025 lease expiration. Morningstar Credit reported that the tenant had occupied 67% of the GLA, with an initial lease expiration in 2027, but exercised its termination option last year. Before the departure, the Baltimore office had outperformed issuance underwriting.
- ◦Sale/Acquisition
- ◦Financing
