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Return to Lender: Week of Sept. 24, 2026
- A 32-story downtown Boston office tower is scheduled for a foreclosure auction Oct. 20 by Wells Fargo, the Boston Business Journal reported. The tower at 100 Summer St. is owned by Boston private equity firm Rockpoint Group, which bought the tower in October 2019 for $806 million, five months before the COVID-19 pandemic upended office demand. Today, the property is 72% occupied and the latest assessment values it at $425 million.
- The New York Business Journal reported that two office buildings in Manhattan’s Hell’s Kitchen neighborhood once slated for a life-sciences development have returned to their lender. Acore Capital, through its entity Wexford Investment Trust, took ownership 601–615 W. 50th St. through a deed in lieu of foreclosure valued at $60 million. Beacon Capital Partners LLC, the seller in the transaction, and The Georgetown Co. had planned to convert the property into a life-sciences project known as 707 11th Ave.
- A downtown Seattle retail property owned by an entity linked to Unico Properties has been placed in receivership following a default on a $14.5-million loan that matured two years ago, the Puget Sound Business Journal reported. King County Superior Court Commissioner Sarah Moen appointed Chris Neilson of Trigild as custodial receiver for Unico’s retail condominium units at 1419 First Ave., next to Pike Place Market. The appointment came after Unico and lender HFX Funding LLC agreed to the receivership.
- Wolfchase Galleria ($155.2 million | Multiple Conduits | CMBX.10) moved to special servicing ahead of its November 2026 maturity date, Morningstar Credit reported. The loan is backed by a 391,862-square-foot portion of a 1.3-million-square-foot super-regional mall in Memphis. It did a brief prior stint in special servicing during the pandemic that resulted in a short-term forbearance. Performance has been middling during the loan term, never reaching underwritten net cash flow.
- Four Penn Center ($62.8 million | JPMDB 2016-C2 & JPMCC 2016-JP2) reported a new value that fell just below the loan amount. Morningstar Credit said the new value of $61.0 million is 34% below the $91.9-million value at issuance. The loan, backed by a 523,000-square-foot office building in Center City Philadelphia, moved to special servicing in May 2026 after missing its maturity. According to servicer commentary, the borrower offered a deed in lieu but terms were not acceptable. The servicer intends to put a receiver in place and will pursue either foreclosure or a receivership sale.
- The CMBS loan on Embassy Suites Portland Airport ($49.7 million | GSMS 2016-GS3 & GSMS 2016-GS4 | CMBX.10) moved to special servicing after missing its August 2026 maturity date. The loan is backed by a 251-key hotel immediately adjacent to Portland International Airport. The loan had remained current throughout the entire loan term despite years of sub-1.00x DSCRs.
- ◦Sale/Acquisition
- ◦Financing
