Jan Archives - VRJ Properties https://vrjproperties.com/tag/jan/ Multifamily and Commercial Real Estate Investments Thu, 06 Feb 2025 06:35:28 +0000 en-US hourly 1 https://vrjproperties.com/wp-content/uploads/cropped-favicon-512x512-1-32x32.png Jan Archives - VRJ Properties https://vrjproperties.com/tag/jan/ 32 32 Return to Lender: Week of Jan. 30, 2025 https://vrjproperties.com/return-to-lender-week-of-jan-30-2025/ Thu, 30 Jan 2025 16:58:28 +0000 https://vrjproperties.com/return-to-lender-week-of-jan-30-2025/ San Francisco-based Frontline Realty Capital acquired one of the first Oakland office properties seized by its lender post-pandemic for a fraction of its 2018 purchase price, according to the San Francisco Business Times. Frontline scooped up 1440 Broadway, a 10-story,...

The post Return to Lender: Week of Jan. 30, 2025 appeared first on VRJ Properties.

]]>

  • San Francisco-based Frontline Realty Capital acquired one of the first Oakland office properties seized by its lender post-pandemic for a fraction of its 2018 purchase price, according to the San Francisco Business Times. Frontline scooped up 1440 Broadway, a 10-story, 83,000-square-foot office building for around $5.2 million, or roughly $58 per square foot. Lender BrightSpire Capital seized the property in July 2023 from Tidewater Capital, which paid $43.5 million to acquire it in 2018 with joint venture partner AXA. 
  • Tides Equities has lost another apartment property in North Texas, Trepp reported. The 424-unit Tides on Haverwood at 19002 Dallas Pkwy. in Dallas was taken by its lender, Benefit Street Partners. It served as collateral for a $63.35-million loan that had matured in 2023 but was extended twice through this month.  
  • Two years into a foreclosure process that has offered few clues about the future of Centre Square, the troubled office property’s receiver told the Philadelphia Business Journal it is “very likely” to be sold. Centre Square owners Nightingale Properties and InterVest Capital Partners, formerly Wafra Capital Partners, owe more than $375 million on the overdue CMBS loan backing the 1.76-million-square-foot office complex. Wells Fargo Bank filed a foreclosure complaint on behalf of investors in the CMBS trust that owns the debt in January 2023, and the Center City property was placed in receivership. CBRE, Centre Square’s court-appointed receiver, filed a motion in U.S. District Court for the Eastern District of Pennsylvania this month indicating it is preparing for a sale of the 1500 Market St. property. 
  • The Great Northern Building in downtown St. Paul, MN is back on the market, just months after it was sold at auction. The Minneapolis/St. Paul Business Journal reported that the 13-story office building, located at 180 Fifth St. E., sold for $7.5 million at a foreclosure auction in October at the Ramsey County Sheriff’s Office, the office confirmed. An entity with apparent ties to the building’s lender, First International Bank & Trust, was the purchaser. Cushman & Wakefield confirmed it is now marketing the property for sale. 
  • Kroll Bond Rating Agency reported that updated December 2024 special servicer commentary said the borrower of the $1.5-billion Parkmerced loan, Maximus Real Estate Partners, failed to close on a modification that it had negotiated in September. The trust is proceeding with enforcement actions including receivership, foreclosure and action against the guarantor. Despite this, industry sources report the sponsor remains committed to the collateral, one of San Francisco’s largest apartment complexes, and intends to close on a maturity extension in the coming weeks.

The post Return to Lender: Week of Jan. 30, 2025 appeared first on Connect CRE.



Source link

The post Return to Lender: Week of Jan. 30, 2025 appeared first on VRJ Properties.

]]> Return to Lender: Week of Jan. 23, 2025 https://vrjproperties.com/return-to-lender-week-of-jan-23-2025/ Thu, 23 Jan 2025 15:50:31 +0000 https://vrjproperties.com/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...

The post Return to Lender: Week of Jan. 23, 2025 appeared first on VRJ Properties.

]]>

  • 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.  

The post Return to Lender: Week of Jan. 23, 2025 appeared first on Connect CRE.



Source link

The post Return to Lender: Week of Jan. 23, 2025 appeared first on VRJ Properties.

]]> Return to Lender: Week of Jan. 11, 2024 https://vrjproperties.com/return-to-lender-week-of-jan-11-2024/ Thu, 11 Jan 2024 16:49:07 +0000 https://vrjproperties.com/return-to-lender-week-of-jan-11-2024/ Connect News Commercial Real Estate news for every market and every facet, every day. Connect Events Live and virtual events bringing together the best of information and networking. Connect Awards View the A-list of commercial real estate & submit nominations....

The post Return to Lender: Week of Jan. 11, 2024 appeared first on VRJ Properties.

]]>


Connect


News

Commercial Real Estate news for every market and every facet, every day.


Connect


Events

Live and virtual events bringing together the best of information and networking.


Connect


Awards

View the A-list of commercial real estate & submit nominations.


About


Connect

Meet the team behind the machine and taste a little of the secret sauce.


Connect


News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

National

 + Distressed Assets
 | 

January 11, 2024


Paul Bubny
  • Kroll Bond Rating Agency reported that the Columbus Square Portfolio, totaling $370.6 million in four 2014 vintage conduit transactions, transferred to the special servicer for imminent maturity default. The portfolio is backed by five condominium buildings that contain retail, community facility, and parking garage spaces on Manhattan’s Upper West Side. The loan, which matures in August, is reported as current. No additional information was provided by the special servicer, according to KBRA. 
  • The San Francisco Business Times reported that Strada Investment Group has formally assumed ownership of 201 Spear St., the latest San Francisco office building to change hands via a deed in lieu of foreclosure, and at a considerable discount to its pre-pandemic value. The San Francisco developer and an unnamed equity partner paid $67.25 million to acquire a $125-million loan originated by PGIM Real Estate Finance for the 255,000-square-foot property. 
  • Trinity Place Holdings Inc. has entered into a stock purchase agreement with the lender under its corporate credit facility and an affiliate of the lender, which will be issued 25,112,245 shares of common stock of the company for 30 cents per share. The New York City-based investment firm previously reported in an 8k filing that the lender, Macquarie PF Inc., had extended its loan forbearance period to Jan. 31. Earlier, Trinity Place received notice from the NYSE American advising the company that it was not in compliance with continued listing standards due to the reported stockholders’ deficit as of Sept. 30 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended Dec. 31, 2022. 
  • The lender on the 1980s-era 1801 Broadway office building is moving to foreclose on the property, reported the Denver Business Journal. Expansive, then known as Novel Coworking, purchased the building for $40.1 million in 2019, using a $35.4-million loan originated by LoanCore Capital Credit REIT LLC, an affiliate of LoanCore Capital. As of Dec. 28, the principal balance, excluding interest and other charges, is $34.6 million, according to foreclosure documents. Steve Schwab with Cushman & Wakefield is serving as receiver for the property.  
  • The Kivelstadt Group has missed more than three months of payments on a $19.58-million loan tied to 140 Second St. in San Francisco, putting the future of the South Financial District office building into question. The San Francisco Business Times reported that the loan, issued by the commercial lending arm of Natixis when TKG acquired the 34,000-square-foot 140 Second St. for $28.25 million in 2014, was transferred to a special servicer in December because of “payment default,” per a note sent to bondholders. The property first landed on a loan watchlist in November of 2022 after lenders registered that at least four tenants in the building — collectively responsible for occupying roughly 70% of the building’s leasable space – were set to have their leases expire through the end of 2023.  
  • A company tied to Caspi Development and Mactaggart Family & Partners sold the six-story 74 Broad St. in Manhattan’s Financial District to Nassimi Realty in a $19.6-million deed in lieu of foreclosure sale that was made public Monday, according to published reports. 

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing

New call-to-action



Source link

The post Return to Lender: Week of Jan. 11, 2024 appeared first on VRJ Properties.

]]>