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 June 6, 2024
- Downtown San Francisco’s 660 Market St. has a new owner, the San Francisco Business Times reported. Locally based investor Long Market Property Partners took ownership of the roughly 40,000-square-foot office and retail property Monday, less than a week after acquiring a $22-million loan backed by 660 Market St. from Fortress Investment Group. Fortress bought the loan from lender Truist for an undisclosed price in February.
- EOS Hospitality’s $177-million stalking-horse bid for the 184-room William Vale Hotel in the Williamsburg section of Brooklyn has gotten bankruptcy-court approval, Trepp reported. The property, at 111 North 12th St., was developed in 2016 by Yoel Goldman’s All Year Management and Zelig Weiss, who had fought for control of the property. Three years ago, All Year filed for bankruptcy.
- After a failed bankruptcy case, the riverfront downtown site of the imploded Berkman II tower is set for auction again, this time on June 17 at 11 a.m. The Jacksonville Business Journal reported that the site where the half-built Berkman II tower sat for years before being imploded two years ago was slated to go to auction May 25 after a court-ordered foreclosure. However, a bankruptcy filing from owner PB Riverfront Revitalization of Jacksonville LLC halted the proceedings.
- The Gateway at Wynwood office building and a neighboring bank office in Miami are headed to court auction over a $111.9-million foreclosure judgment, reported the South Florida Business Journal. Wilmington Trust, as part of a CMBS trust, won the foreclosure judgment against Gateway at Wynwood LLC and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees. The 14-story office building at 2916 N. Miami Ave., which is between Wynwood and Midtown Miami, and the 5,187-square-foot bank branch at 2830 N. Miami Ave. are slated for court auction July 2.
- The three-office building portfolio known as Station Square in downtown Silver Spring, MD is headed to the foreclosure auction block, reported the Washington Business Journal. Station Square includes three side-by-side towers at 1010 and 1100 Wayne Ave. and 8484 Georgia Ave., about a block east of the Silver Spring Metro and Purple Line stations. They’ll be sold at public auction June 18, according to a listing from Alex Cooper Auctioneers, after the borrower defaulted on financing tied to the buildings.
- One Riverway, a 483,410-square-foot office building in Houston, is scheduled to be sold at a foreclosure auction next month, reported Trepp, citing records from foreclosure listing service Roddy’s. The 46-year-old building at 777 Post Oak Blvd. is encumbered by a $70.14-million loan that hasn’t had a payment made against it since last January.
- A vacant Philadelphia Navy Yard office building that was formerly home to pharmaceutical giant GlaxoSmithKline failed to sell at sheriff’s sale on June 4, according to the Philadelphia Business Journal. The 207,779-square-foot building at 5 Crescent Dr. went up for public auction through online platform Bid4Assets to satisfy a foreclosure judgment against owner Korea Investment Management Co. Ltd. However, the high bid of $4 million failed to meet the seller’s reserve amount set by Rialto Capital Management, the special servicer for a $78.5-million debt backed by the property and owned by CMBS investors.
- A&G Real Estate Partners is marketing 27 store leases in 12 states on behalf of Sam Ash Music Corp., the century-old American music retailer, pending court approval. The musical insturment retailer, which filed for Chapter 11 bankruptcy protection on May 8, 2024 in the U.S. Bankruptcy Court for the District of New Jersey, is closing all remaining U.S. stores while entertaining offers from potential buyers. The average size of the leases on offer is 25,467 square feet.
- The Diocese of Buffalo is looking to sell off another of its Buffalo properties as bankruptcy proceedings continue. Buffalo Business First reported that the Diocese on Tuesday listed the St. Jude Center at 760 Ellicott St., near the Buffalo Niagara Medical Campus. The asking price is $1.5 million. David Doerr and Timothy Hourihan, associate real estate brokers with Hanna Commercial Real Estate, are handling the listing.
- The former owners of Tri-County Mall have elected to pay $200,000 to extend the window during which they’re able to buy the mall back from the lender who reclaimed it last month, reported the Cincinnati Business Courier. The Texas-based developers, MarketSpace Capital LLC and Park Harbor Capital LLC, originally had until June 2 to come up with $28.2 million to buy the property back from Reef Private Credit. The agreement allows the developers to pay $200,000 for a two-week extension to the buyback window.
- The Plaza Club City Apartments, 4621 Jefferson St. in Kansas City, MO, went under a limited receivership in mid-May after previous owner Plaza Club City Apartments LLC of Farmington Hills told Freddie Mac that it no longer could operate them. Freddie Mac holds a $26-million loan secured by the property, originated by Berkadia in April 2015 in connection with the developer’s purchase of the apartments from Fowler Property Acquisitions, according to the Kansas City Business Journal.
- ◦Sale/Acquisition
- ◦Financing
