San Antonio Office Property Sold in Distressed Sale
The Brass Professional Center has been sold to a special servicer as part of a distressed sale. The San Antonio Business Journal reports LNR Partners was engaged earlier this year after local real estate firm Brass defaulted on a $57 million loan, with more than $31 million of the balance remaining in three tranches. The loan wouldn’t have matured until 2030, though delinquent payments sent the 11-building property into default.
LNR acquired the property for $31,425,000 at an Oct. 3 foreclosure sale. That’s less than half of the current estimated cost basis of $70.3 million, according to CMBS data.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.