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Return to Lender: Week of March 6, 2025
Granite Point Mortgage Trust has taken title to the 140,000-square-foot Lincoln Place office and retail property in Miami Beach, Trepp reported. Nightingale Group of New York bought the eight-story property at 1601 to 1605 Washington Ave. in 2016 for $80 million and financed it with a $62.275-million loan from Granite Point. The property was built in 2002 and includes 110,000 square feet of office space and a 30,000-square-foot retail component. It also has a 499-space parking garage.
Ready Capital is considering foreclosing on a more than $500-million construction loan backed by Block 216, the home of Portland, OR’s Ritz-Carlton hotel. Oregon Live reported that while reporting its fourth-quarter earnings, Ready Capital said it might seize the 35-story tower, which opened in late 2023 to include hotel guest rooms, upscale offices and for-sale residences. However, the office and residential components have failed to make much of an impact since then.
The Dufwin Theater at 519 17th St. in Oakland, CA has been listed for sale by lender Ladder Capital, which seized control of it last September, reported the San Francisco Business Times. The property was a former movie theater turned office space that had ties to disgraced Oakland investor Tom Henderson before it was bought by Embarcadero Capital Partners in 2016.
Seven Seattle parking lots owned by Martin Selig Real Estate have gone into receivership, according to the Puget Sound Business Journal. Among the seven lots is one the developer listed for sale last year to deal with hundreds of millions of dollars in troubled loans. This is on top of the company having said it might agree to turn over two newer assets to the lender.
Morningstar Credit reported that Detroit Office Portfolio ($25.5 million | 2.6% of BANK 2021-BN33 | CMBX.15) has transferred to special servicing for imminent monetary default. Occupancy across the four-property Detroit-area office portfolio was down to 68% as of December 2024, causing revenue to decline and resulting in a below-breakeven DSCR of 0.60x.
- ◦Sale/Acquisition
- ◦Financing
