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Return to Lender: Week of Dec. 5, 2024
- Spinoso Real Estate Group, which has been receiver of the White Marsh Mall in Baltimore since early last year, has purchased the shopping center for $190 million. The acquisition includes the assumption of a $186.84-million mortgage against 702,317 square feet at the 1.2-million-square-foot mall, reported Trepp. The loan, which has been in special servicing since 2020 and matured in 2021, has been extended by six years through May 2027.
- The Boston Business Journal reported that an East Boston site approved for more than 100 apartments and condos is back on the market, after real estate firm Rise lost the property through foreclosure. A Rise affiliate owned the 1.13-acre property at Gove and Frankfort streets, formerly home to Our Lady of Mount Carmel Catholic Church. Rise’s lender, Bank of New England, foreclosed on the property earlier this fall. The bank took back the site at auction with a $9-million bid, close to the amount it was owed.
- Martin Selig Real Estate is in default on a $200-million-plus loan backed by two newer developments, the Federal Reserve Building in downtown Seattle and 400 Westlake, a 15-story, solar-powered project next to Amazon’s South Lake Union headquarters. The Puget Sound Business Journal reported that lender Acore Capital Mortgage LP filed letters on Nov. 15 in King County Superior Court stating the loan is in default. The buildings will be sold in 30 days without further action by Selig. In a statement to media outlets, Selig said it may enter into an agreement with Acore to transfer ownership of the two properties “as part of a broader strategy to restructure our existing debt and divest select assets.”
- LNR Partners, the special servicer handling the $241.55-million mortgage against the 2.1 million-square-foot Illinois Center in Chicago, has filed to foreclose against it, Trepp reported. The loan hasn’t had a debt-service payment made against it since April. It was originated in 2015 to help fund AmTrust Realty Corp.’s $376-million purchase of the property at 111 E. Wacker Drive and 233 N. Michigan Ave. The property was 73.6% leased in 2014, but occupancy now stands at 46%.
- One Towne Square ($29.9 million | 5.9% of WFCM 2014-LC18 | CMBX.8) transferred to the special servicer ahead of its December maturity, according to Morningstar Credit. The suburban office in Southfield, MI last reported occupancy at 85% in June 2024 and had a 2023 net cash flow that was 11.9% below the issuance level.
- Another Southfield, MI office, American Center ($25.0 million | 6.0% of JPMBB 2014-C25 | CMBX.8), was also sent to special servicing as a maturity default. Morningstar Credit reported that while the property’s occupancy and 2023 net cash flow both exceeded issuance, there is notable upcoming lease rollover involving four of the five largest tenants’ leases.
- Also transferring to special servicing was another suburban office property, Woodland Falls ($23.8 million | 1.9% of BANK 2019-BN23 | CMBX.13), which transferred after missing several loan payments over the past year, reported Morningstar Credit. As of the November 2024 remittance, payments were reported as 90+ days delinquent. Cash flow at the Cherry Hill, NJ office has steadily decreased, with year-end 2023 net cash flow down 11% from the prior year and 20% below issuance.
- ◦Sale/Acquisition
- ◦Financing
