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Return to Lender: Week of May 21, 2026
- Three Wilmington, DE office buildings owned by Buccini Pollin Group are headed to sheriff’s sale as downsizing tenants continue to sink office properties in the region. The buildings at 200, 300 and 400 Bellevue Parkway total 305,400 square feet and carry $50.8 million in debt. They’re scheduled to be auctioned by the New Castle County Sheriff’s Office on June 9, according to the Philadelphia Business Journal. Occupancy at the Bellevue Park Corporate Center properties dropped during the Covid-19 pandemic and never recovered.
- Six boutique apartment buildings in Baltimore’s Mt. Vernon and Station North neighborhoods that were redeveloped by Brandon Chasen are headed to auction next month, reported the Baltimore Business Journal. The properties will be sold out of foreclosure beginning at noon on June 18 on the steps of the Clarence M. Mitchell Jr. Courthouse in downtown Baltimore, according to Alex Cooper Auctioneers, which is handling the auction. The auctions will take place consecutively in five-minute intervals. A deposit of $50,000 per property is required to bid.
- The South Florida Business Journal reported that the Mandarin Oriental, Boca Raton development site is being positioned for sale through U.S. Bankruptcy Court. Via Mizner Owner II filed the proposed bid procedures for the 1.06-acre property at 103 E. Camino Real on May 18. Attorney Bradley Shraiberg, who represents the debtor, noted that the these auction procedures still need court approval and, meanwhile, the debtor is still in “advanced stages” with numerous investors and lenders. If the debtor can refinance the property or obtain capital through an investment, the auction may be averted.
- The owners of the former Fort Worth Star-Telegram building are at risk of losing control of another prominent Cowtown property, the Dallas Business Journal reported. The bank that provided the debt for the purchase of the old newspaper headquarters, B1Bank, is looking to sell the loan, which it described as “sub-performing.” Dallas-based Bluelofts Inc. and Plano-based Wolfe Investments LLC purchased the 19-story, 275,000-square-foot building at West Seventh and Throckmorton streets in downtown Fort Worth in 2023, intending to convert the old home of the city’s daily newspaper into luxury apartments.
- Morningstar Credit reported several sizable CMBS loans that have just transferred to special servicing. The largest of these is 20 Times Square ($647.5 million | TSQ 2018-20TS | CMBX.12), which moved to special servicing as expected after missing its May 2026 maturity date. The loan is secured by the borrower’s leased fee interest in a 16,066-square-foot parcel of land along the northeast corner of Seventh Avenue and West 47th Street in Times Square. The non-collateral improvements above the property are subject to a 99-year ground lease expiring in 2117.
- International Square ($450.0 million | BAMLL 2016-ISQ & Multiple Conduits | CMBX.10) has moved to special servicing ahead of its August 2026 maturity, according to Morningstar Credit. The 1.2-million-square-foot office in downtown Washington, DC has failed to meet issuance expectations during its term. The 2024 net cash flow was $20.5 million, down almost 50% from its $39.0 million underwritten NCF, driven by revenue decline and expense inflation. Occupancy was reported at 77% as of September 2025, down from 94% at issuance.
- Wilshire Courtyard ($384.3 million | NCMS 2019-MILE) moved to special servicing ahead of its July 2026 maturity date, Morningstar Credit reported. The loan, secured by two office towers in Los Angeles, did a previous stint in special servicing after not exercising a contractual maturity extension. It was eventually modified in exchange for a $23.9 million curtailment and returned to the master servicer in December 2023. The buildings have been plagued by occupancy issues and ended 2025 at 52% occupancy.
- 685 Fifth Avenue Retail ($160.0 million | BANK 2018-BN15 & BANK 2018-BN14) moved to special servicing this month, reported Morningstar Credit. The servicer commentary notes the cause is imminent balloon default, which is interesting given that the loan matures in July 2028. However, Coach, in 85% of the space, has an expiration in April 2027 and just announced it will be moving to 645 Fifth, also in Midtown Manhattan, in 2027. The two smaller tenants in the building have expirations in 2026 and 2027, respectively.
- Morningstar Credit reported that Fox River Mall ($114.1 million | WFRBS 2011-C4) is in special servicing again after missing another maturity date. The Brookfield mall in Appleton, WI was originally transferred in advance of its initial maturity in 2021; it eventually nabbed a three-year extension to 2024. The 2024 maturity prompted another transfer, this time resulting in a one-plus-one extension that pushed maturity to June 2026.
- ◦Sale/Acquisition
- ◦Financing
