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Return to Lender: Week of June 4, 2026
- Two downtown Austin hotels are now in the hands of their lenders following Travis County’s June 2 foreclosure auction, according to the Austin Business Journal. Substitute trustee Angela Zavala bid a combined $222.5 million on behalf of each of the hotels’ lenders to acquire the properties. The Line Austin, a lakeside hotel at 111 E. Cesar Chavez St., was the first of the two hotels to return to its lender. The second hotel was the Hyatt Centric, a recently built hotel at 721 Congress Ave.
- The Hilco Global Real Estate Practice, in cooperation with Province LLC, has been engaged to help secure a recapitalization going-concern buyer or investor for the real estate of Hawthorne Race Course as part of its Chapter 11 restructuring proceedings. Qualified bids are being accepted until June 26. The Stuickney, IL property is being marketed concurrently as a going-concern, with two integrated casino and racing development and licensing opportunities, as well as a prime industrial infill redevelopment sale potential given its prominent location and scale.
- The Denver Business Journal reported that new documents reveal the sale price of land in Centennial that was previously proposed for a Camp Pickle development but was acquired by its former owner at a foreclosure auction. The vacant property transaction, at 7040 S. Kenton St., was included in a commercial public trustee sales report released Friday. Greenwood Village-based Easterlima Development LLP bought the property back for just over $2.87 million in May through a foreclosure auction.
- The seven-story parking ramp within the Northstar Center complex in downtown Minneapolis is scheduled to go to a foreclosure auction, reported the Minneapolis/St. Paul Business Journal. The owner of the 975-stall Northstar Ramp, located at 608 Second Ave. S., defaulted on a $36.2-million mortgage, prompting the plan for a foreclosure sale, scheduled for July 2 at 10 a.m. at the Hennepin County Sheriff’s Office. The property owner and borrower of the loan in question is Ns Propco Garage LLC, an entity that shares an address with New York-based Taconic Capital Advisors LP.
- Federal Center Plaza ($130.0 million | 57.7% of COMM 2013-CR6) has been modified, with its maturity extended to December 2027 to buy the borrower time to negotiate a financeable lease extension with anchor tenant FEMA, Morningstar Credit reported. The loan transferred to special servicing ahead of its February 2025 extended maturity (the loan was originally set to mature in 2013). Although FEMA initially announced plans to relocate to a government-owned building, the plans were cancelled in 2024, making a renewal more likely. The property was last valued at $168.0 million in January 2026, down from $309.0 million at issuance in 2013.
- ◦Sale/Acquisition
- ◦Financing
