Return to Lender: Week of Jan. 23, 2025

The Orlando Business Journal reported that downtown Orlando’s most prominent retail property has sold under court order for a little more than half of what it last traded for just over a decade ago. Los Angeles-based RP Plaza Retail and Theatre LLC, an entity related to RPD Catalyst, sold The Plaza Retail Property, the 102,000-square-foot retail section of the Chase Plaza at 183-189 S. Orange Ave., to RCS – Plaza Retail Condos LLC, an arm of Colorado-based Real Capital Solutions, for $10.7 million. Court documents show the property was placed into receivership last year after RP Plaza Retail and Theatre was found to have defaulted on its loan. The group bought the property in 2014 for $19.8 million.

The Hedrick Building at 601 N. St. Mary’s St. in downtown San Antonio has changed hands in a distressed transaction, trading to New York-based real estate finance firm Ready Capital, reported the San Antonio Business Journal. The company bid $16.7 million in a recent foreclosure auction. Deed transfers for the parcel were recorded in early January and November after the previous owner defaulted on a 2023 loan. The deal also includes the adjacent Voss Building.

The Westpark Building, a five-story office building in Brentwood, TN’s Maryland Farms, sold for $6.3 million to a local investor, the Nashville Business Journal reported. That represents an $18.57-million loss from its acquisition price in 2013. Vacant since late 2024, the office building was owned by First National Bank of Tennessee, which acquired the property from Brentwood-based investment firm Crestview Funds through foreclosure, according to an auction listing. Crestview paid $24.81 million for the building in December 2013.

A lender is seeking to foreclose on a $12.49-million mortgage for an apartment complex near St. Joseph’s Cemetery in South Troy, NY, according to the Albany Business Review. The lender, an LLC with an address in Manhattan, claims the borrower defaulted on the loan last May when it failed to make regular monthly payments for Harbour Point Gardens, a 124-unit apartment property at 138-188 Delaware Ave. The borrower owes $13.57 million in principal, interest and fees, according to the complaint. The original lender, Dwight Mortgage Trust LLC, assigned the debt to subsequent LLCs.

Another downtown Cincinnati office tower faces foreclosure, according to the Cincinnati Business Courier. The owner of 312 Plum St. has allegedly defaulted on its loan and is delinquent on debts to vendors. Philadelphia-based Rubenstein Partners acquired the 12-story office tower in 2015 with an $18.4-million mortgage loan currently held by Delaware-based Wilmington Trust National Association, an affiliate of M&T Bank Corp. The complaint claims Rubenstein defaulted on the loan sometime before April 2024, when the loan’s special servicer sent a delinquency default notice to the firm. The parties reached a discounted payoff agreement in June 2024, but Rubenstein Partners allegedly failed to comply with its terms, prompting Wilmington Trust to terminate the agreement in October and subsequently bring a foreclosure suit.

Pinnacle Bank may seize a Lake Worth Beach, FL warehouse in a $4.84-million foreclosure lawsuit. The South Florida Business Journal reported that the Nashville-based bank filed a lis pendens Jan. 7 against Aspect Holdings LLC and Aspect Capital LLC, along with loan guarantors South Florida Stairs, Michael A. Booth, Anthony Vizzari, and Charles Dertinger. It targets the 5,920-square-foot warehouse at 124 S. H St.

The South Florida Business Journal also reported that Pacific National Bank filed a $2.02-million foreclosure lawsuit targeting a commercial building near North Miami that was slated for a veterinary clinic. The Miami-based bank filed the foreclosure complaint on Jan. 14 against Marcel Ventures LLC and NoMi Veterinary Clinic LLC, along with guarantors Paul Eugene Cameau, Rasha Carne Cameau. It targets the 5,439-square-foot commercial building on a 1.31-acre site at 11801 West Dixie Highway, along with the Cameaus’ personal residence at 266 N.W. 92nd Street, Miami Shores.

Bloomingdale’s has announced that it’s closing its store at Westfield San Francisco Centre, a 1.45-million-square-foot retail and office property in San Francisco, Trepp reported, citing the San Francisco Chronicle. The retailer leases 330,000 square feet at the property, which is encumbered by $558 million of mortgage financing that’s been troubled for more than two years. The 18% occupied property is owned by Unibail-Rodamco-Westfield, which agreed to turn it over to its CMBS lenders two years ago. That still hasn’t happened, but the property is in the hands of receiver Trident Pacific Real Estate Group.

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