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 Nov. 20, 2025
- Twenty-three multifamily developments owned by LLCs tied to Baltimore developer Brandon Chasen could be sold to a Midwest firm by the end of the year after a judge filed an order late Tuesday in the U.S. Bankruptcy Court for the District of Maryland. The Baltimore Business Journal reported that outstanding loans on the developments total $206 million. An October court filing identified the prospective buyer as Kansas City, MO-based IronDoor Property Management.
- Funding cuts to Radio Free Asia have led to its Washington, DC offices going into receivership, according to the Washington Business Journal. A DC Superior Court judge ordered control of 2025 M St. NW to be handed over to receiver Trigild IVL. The building owner, an affiliate of Brazilian retail magnate Michael Klein, defaulted on a $54.6-million loan.
- 300 South Riverside Plaza Fee ($167.0 million | MSC 2015-MS1 & MSBAM 2015-C22) has moved to special servicing, according to Morningstar Credit. It is unclear what caused the transfer now as the loan had an ARD in March 2025 and a final maturity in March 2045. The loan is backed by the air rights associated with the land beneath 300 South Riverside Plaza in Chicago’s Loop. Although the non-collateral building’s occupancy has not been disclosed, several tenants have cut space in the building in recent years.
- The Boca Office Portfolio ($99.0MM | BMARK 2021-B24, BMARK 2021-B25 & BANK 2021-BN32 | CMBX.15) has moved to special servicing despite strong performance throughout the loan term. Morningstar Credit reported that the borrower plans on marketing the four properties that comprise the Boca Raton, FL portfolio separately. However, since the loan documents do not allow for partial releases, a transfer to special servicing was needed to approve the sales.
- Ellsworth Place ($64.5 million | multiple conduits | CMBX.12) has been transferred to special servicing for imminent default, Morningstar Credit reported. The loan remains current, but the borrower has stated that they do not plan to put up equity to address outstanding obligations, according to the latest servicer commentary. The power center in Silver Spring, MD, reported a 2024 net cash flow 11% below issuance, but still covered at a 1.30x DSCR in 2024.
- Morningstar Credit reported that another loan backed by a Chicago office property, 625 North Michigan Avenue ($50.6 million | 6.9% of CF 2019-CF1) has transferred to special servicing due to cash flow issues, with the 2024 net cash flow 43% below issuance underwriting. Despite a granular rent roll, occupancy at the Chicago office has dropped since issuance, last reported at 64% in June 2025, from 92% when the loan was originated. The former largest tenant, SS Research (6% of the GLA), which had a May 2025 lease expiration, no longer appears on the rent roll.
- ◦Sale/Acquisition
- ◦Financing
