• Willamette Week reported that Prosper Portland has repossessed two buildings in the Old Town neighborhood that had been purchased by a failed shoe startup after securing a $7-million loan from Prosper in 2025. The economic development agency’s board voted unanimously to take possession of the buildings at 208 and 234 NW 5th Ave. after Made in Old Town defaulted on the loan it had secured from Prosper the year prior by failing to secure private funding and falling behind on monthly loan payments. The settlement releases Made in Old Town from all remaining loan payments. 

• An office tower on Denver’s 16th Street in downtown will hit the auction block this summer after a years-long foreclosure, according to the Denver Business Journal. The property at 216 16th St., known as Columbine Place, is scheduled for an auction in July, according to a new listing. The minimum bid is $700,000, a fraction of the property’s assessed value of nearly $8 million. Currently the property is 31% leased. 

• Two downtown Cincinnati office towers owned by Philadelphia’s Rubenstein Partners are headed to a sheriff’s sale auction as part of a process that will likely see them revert to their lenders, reported the Philadelphia Business Journal. The 26-story tower at 312 Elm St. and the 15-story tower at 312 Plum St. are listed among properties to be auctioned June 17 by the Hamilton County Sheriff’s Office. As of April 22, when the court-appointed receiver, Colliers’ Paul Plattner, filed his most recent receiver’s reports, 312 Elm St. was 41.7% occupied and 312 Plum St. was 30.6% occupied. 

• The St. Louis Business Journal reported that an online auction of the 30-story Bank of America Plaza at 800 Market St. is scheduled to open at noon on June 22, with a $2 million starting bid, and conclude on June 24. The upcoming auction is being marketed as a lender-owned sale of the property. The downtown St. Louis building, the fourth-largest office tower in the region, entered receivership in early 2024 after then-owner Positive Investments defaulted in 2023 on a $50-million loan on the property. It is currently owned by GSMS 2015-GC30 Market Street LLC, a lender-affiliated entity that purchased it for $6.3 million in a July 2025 foreclosure sale.  

• JLL has begun marketing the Two North LaSalle (CSMC 2007-C2) real estate owned (REO) asset for sale. Kroll Bond Rating Agency reported that the 691,410-square-foot, 26-story, Class B office building is in the Chicago Loop and became REO in October 2024. Marketing materials indicate the property is approximately 50% leased, with the largest tenant, City of Chicago, occupying 303,182 sf (44%) through July 2035 with no termination options. 

• Jersey City Group 1 ($31.3 million | 2.4% of BMARK 2019-B14), Jersey City Group 2 ($32.1 million | 4.2% of JPMDB 2019-COR6) and Jersey City Group 3 ($30.4 million | 2.3% of BMARK 2019-B14) all transferred to special servicing this month after falling delinquent, according to Morningstar Credit. The loans are backed by a total of 27 multifamily properties in Jersey City. They were all underwritten to a sub-1.10x, so there was little wiggle room. Servicer commentary also notes major deferred maintenance across all three portfolios. 

• The Weston Medical Center Apartments ($84.0 million | 38.7% of FREMF 2021-KF105) moved to special servicing after years of poor performance, reported Morningstar Credit. The loan is backed by a 793-unit property in Houston near the Texas Medical Center. Revenue has stayed fairly constant, but expenses continue to rise, pushing net cash flow from its underwritten level of $5.4 million to $4.0 million by the end of 2025. 

• The Doubletree Seattle Airport Southcenter ($23.6 million | 31.9% of WFCM 2016-C33) moved to special servicing after exhausting forbearances that were granted after its January 2026 maturity date. Morningstar Credit reported that the property had rebounded after a COVID-related stint in special servicing, with net cash flow in 2022 and 2023 exceeding the underwritten level. However, cash flow has dropped off since then, with the loan’s DSCR falling below breakeven in 2025. 

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• A King County Superior Court commissioner has approved a seller for The Bravern, the 750,000-square-foot Bellevue office complex that had been leased to Microsoft, according to the Puget Sound Business Journal. The owner went into default after Microsoft let its lease expire last year. Eastdil Secured will oversee the “contemplated sale” of The Bravern, bringing one of the Eastside’s largest office properties closer to returning to the market. In November, the remaining $304 million in mortgage debt on The Bravern was transferred to special servicer KeyBank after the building’s owner, QSuper, defaulted on the loan. 

• The South Florida Business Journal reported that the Goodtime Hotel in Miami Beach is slated for court auction after its owner lost a $204.7-million foreclosure judgment. CMMT-JSELLER 2 LLC, an affiliate of CIM Real Estate Credit, was awarded the judgment against Washington Squared Owner LLC and Goodtime Sound LLC over a mortgage with $149.3 million in principal outstanding, plus interest and fees. The 205,680-square-foot hotel with 266 rooms at 601 Washington Ave. is slated for online auction July 1. 

• The Washington Business Journal reported that an Anacostia office building that a D.C. healthcare provider recently acquired and planned to convert into a clinic and administrative space may be headed to the auction block. A foreclosure affidavit was recorded on Monday with D.C.’s Recorder of Deeds for the 120,000-square-foot office at 1800 Martin Luther King Jr. Ave. SE, also known as Anacostia Gateway. The affidavit was filed by noteholder SSR 1800 MLK LLC, an entity controlled by Lakshmi Lavanya Reddy. 

• A downtown Columbus, OH office tower at 180 E. Broad St. has entered receivership as the landlord faces legal and financial disputes. Columbus Business First reported that the property has a 57% occupancy rate, according to a Colliers report from the end of 2025. 

• A loan backed by a prominent Walnut Creek, ca office building is for sale, which could allow a new investor to scoop up the property at a discount, the San Francisco Business Times reported. The $26.6-million loan, originated by lender Principal Real Estate Investors, is secured by 500 Ygnacio Valley Rd., a four-story, 105,000-square-foot office building. JLL is marketing the loan for sale, with Managing Directors Chad Coluccio and Adam Lasoff, and Senior Managing Director Rob Hielscher on the project. 

• A prominent Galleria-area office tower that has stood virtually vacant for over a year is facing foreclosure after its $80 million loan matured last year., reported the Houston Business Journal. Loan servicing notes from LNR Partners,  the special servicer overseeing the CMBS loan, said the 19-story, 441,523-square-foot tower at 3000 Post Oak Blvd. remains vacant and available for lease or sale. However, the lender will be moving forward with foreclosure proceedings, the notes said. 

• The Decoration & Design Building ($150.3 million | CGCMT 2015-GC33 & CGCMT 2015-P1 | CMBX.9) moved to special servicing as it hit its May 2026 maturity date. Morningstar Credit reported that the loan is backed by a 588,000-square-foot showroom property at East 58th Street and 3rd Avenue in Manhattan. Revenues have fallen sharply over time, with 2025’s figure of $36.7 million sitting well below the underwritten level of $48.4 million. 

• Summit Place Wisconsin ($64.5 million | CD 2016-CD3 & JPMDB 2017-C5) transferred to special servicing this month after the borrower indicated it would no longer fund operating shortfalls, Morningstar Credit reported. The loan, backed by a suburban Milwaukee office property in West Allis, WI, is scheduled to mature in December 2026. 

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• Liberty Centre, a 17-story, 275,000-square-foot high-rise in Portland, OR’s Lloyd District, is for sale after returning to its lender in December, reported the Portland Business Journal. The property, at 650 N.E. Holladay St., was returned to its lender at the end of December through a deed in lieu of foreclosure. The property was transferred to grantee Liberty Centre JV LLC, an entity of asset management firm Barings.  

• DAOL Asset Management, which holds a $205-million mezzanine loan against the 511,208-square-foot 285 Madison Ave. office building in Midtown Manhattan, plans to take over the building through an April 15 Uniform Commercial Code foreclosure auction, Trepp reported. Newmark is marketing the property. The Korean investment manager had provided the financing, which sits behind what now is a $212.79-million senior loan that’s been in special servicing since last October. The loan initially matured in 2022 but was extended. The CMBS trust that holds the loan last December had filed to foreclose. RFR Holding purchased the property in 2012 for $189 million.  

• A partly constructed Chasen Cos. apartment tower in Harbor East will be auctioned in foreclosure next month, the Baltimore Business Journal reported. The Anne on Aliceanna at 1400 Aliceanna St. is set to be sold off at 11 a.m. on March 14 on the steps of the Clarence M. Mitchell III Courthouse in Baltimore, according to Atlantic Auctions, which is handling the sale. The auction comes a few months after a bank filed to foreclose on the property. 

• A Northwest D.C. hotel is slated to be sold at auction after its owner allegedly defaulted on a loan to acquire and renovate the Embassy Suites by Hilton Washington D.C. Chevy Chase Pavilion. The Washington Business Journal reported that Alex Cooper Auctioneers has scheduled a March 14 foreclosure sale for the 198-room property, located at 4300 Military Road NW by the Friendship Heights Metro station. The auctioneer was retained to sell the property by an affiliate of Los Angeles investment manager PCCP LLC. In a foreclosure notice, an attorney for PCCP claimed an affiliate of Philadelphia-based Arden Group defaulted on the $44.9-million loan it received from PCCP in connection with its January 2018 acquisition of the property, now with a balance of $37.1 million. 

• The lender in a foreclosure case surrounding one of downtown Cincinnati’s largest office towers, the 30-story Center at 600 Vine, has asked to begin the sale process after a judge issued a final ruling against the building’s owner last month. The Cincinnati Business Courier reported that Wells Fargo Bank National Association, acting as trustee for the holders of two outstanding mortgage notes totaling $48.2 million, filed suit in November 2023 against Sherman Oaks, CA-based Hertz Investment Group, which acquired the office tower in 2006 through a limited liability company. 

• The San Francisco Business Times reported that Oakland’s largest hotel, the 500-key Oakland Marriott City Center, has defaulted on a $100-million loan according to public records. The borrower, an affiliate of Gaw Capital Partners, took out an $80-million loan from the New York branch of  Natixis in 2017 and increased the loan to $100 million in 2019. Gaw bought the full-service hotel in 2017 for a total purchase price of $143 million. 

• Real-estate investor Daryl Hagler announced that he secured a $42.5-million loan to support the construction of Watermark Capital’s 28-story, 497-unit residential project located at 6128 Eighth Ave. in Brooklyn’s Sunset Park neighborhood. Situated on a former rail yard, the development faced a foreclosure attempt by Rialto Capital Group. 

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• 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.

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• 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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• Highgate is handing over the 686-room Hyatt Regency San Francisco Downtown SoMa to its lender, the San Francisco Business Times reported. Per a deed-in-lieu of foreclosure filing on Dec. 11, Highgate transferred the deed to an affiliate of Blackstone Mortgage Trust for forgiveness of a little over $290 million in unpaid debt and associated costs. Earlier this year Highgate missed the balloon payment on the $250 million in debt.  

• The Hyatt Regency Lake Washington in Renton, WA has been sold for just over $103 million, reported the Puget Sound Business Journal. Austin-based Ohana Real Estate Investors is the new owner of the 347-key hotel, which will continue to be operated as a Hyatt Regency. The sale came after the U.S. Bankruptcy Court of Eastern Washington signed off on a Chapter 11 bankruptcy plan by affiliates of Seco, the developer of Southport, the 2.4-million-square-foot, lakefront mixed-use development. 

• Madison Equities’ office-turned-apartment building in downtown St. Paul has been taken over by the lender, reported the Minneapolis/St. Paul Business Journal. The Degree luxury apartment building, formerly the Degree of Honor office building, has traded hands for $9.575 million, according to a public real estate filing with the Minnesota Department of Revenue. The acquirer via a deed in lieu is Minnetonka, MN-based Minnwest Bank, which earlier sought to foreclose on the property via an auction. 

• The Washington Business Journal reported that a Washington, DC investor plans to convert a downtown office building that was sold in a November foreclosure sale into a 122-room hotel. Calco Hospitality intends to transform the 62,000-square-foot office at 601 Indiana Ave. NW into a 10-story hotel with a penthouse and a small “indoor outdoor” restaurant and bar area. The property, once known as the Bob Hope Building, was caught up in a dispute over the General Services Administration’s planned consolidation of three related agencies, which left it without an anchor tenant. After bouncing off and on the foreclosure auction block, 601 Indiana was sold in a November substitute trustee’s sale for $8.5 million to Houston’s 601 Indiana LLC. 

• Gateway Center in Pittsburgh is among the office properties ruled to be liquidated by a court in the British Virgin Islands to pay off nearly three-fourths of $200 million in unpaid bond debt of its owner Hertz Properties Group, according to the Pittsburgh Business Times. A trustee will oversee the sale of the assets of Hertz Properties, according to the report, a move that comes after Amir Giryes, principal of the Dallas-based Giryes Capital group was appointed chief restructuring officer in September to oversee the company’s finances and manage its assets after it reported to bondholders on the Tel Aviv exchange that “it has significant doubts regarding the continued existence of the company.”  

• The ownership of Station Square, a Pittsburgh tourist draw that includes 650,000 square feet of offices, restaurants and other attractions, is facing a foreclosure action by its lender. The Pittsburgh Business Times reported that Wilmington Trust is leading a lender group that has filed a foreclosure action against three separate corporate entities that own different sections of Station Square: the main complex; the open air Bessemer Court restaurant and entertainment portion; and the office component called Commerce Court. All are affiliates of Brookfield Properties. 

• A CMBS loan backed by Selig Office Portfolio ($379.1 million | Multiple Conduits | CMBX.9) was moved to special servicing as of the December remittance, with the servicing citing imminent monetary default as the cause. Morningstar Credit reported that occupancy across the Seattle office portfolio has steadily declined over the past several years, down to 67% as of September 2024 from 92% at issuance. The loan is set to mature in April 2025. 

• Federal Center Plaza ($130 million | 54% of COMM 2013-CR6) was transferred to special servicing ahead of its February 2025 maturity, according to Morningstar Credit. The loan on the 725,317-square-foot Washington, DC office complex was originally set to mature in February 2023 but was unable to pay off due to its weak cash flow. The loan was subsequently modified, extending the term to February 2025; however, performance has failed to improve in this time frame.  

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• Houston-based Radom Capital, a real estate investment and development firm focused on mixed-use properties, has purchased out of foreclosure the retail portion of developer StoryBuilt’s Willa mixed-use condo development on South First Street in Austin, reported the Austin Business Journal. The purchase price wasn’t disclosed. Chris Bourne and Travis Brown of Guaranty Bank & Trust facilitated the transaction, with brokerage services provided by Doug Rauls and Chris Boyd of Colliers, Los Angeles-based Stapleton Group last year was appointed as receiver by the U.S. District Court of Travis County to fix StoryBuilt’s finances and the developer voluntarily entered into the receivership, which could last years. 

• The Baltimore Business Journal reported that a prominent downtown office tower has sold at auction for a fraction of what it went for in previous sales. The 28-story, Class A tower at 201 N. Charles St. sold for $2.55 million in a three-day online auction on Ten-X. The opening bid was just $750,000, and the final price didn’t meet the $4.1 million the building sold for at foreclosure in 2022. The buyer was not identified. The transaction, which includes the building but not the land, adds to downtown’s growing list of struggling properties as the vacancy rate is poised to hit 30% once T. Rowe Price leaves the CBD for Harbor Point. 

• The historic Heard Building in downtown Phoenix is in the hands of a new owner, according to the Phoenix Business Journal. The eight-story office high-rise went up for auction on Nov. 26 after the lender, SMS Financial VW LLC, filed a notice of trustee sale for the property earlier this year. The winning bid of $5.5 million came from the Chavez family, which currently manages a $140-million portfolio of assets across the Valley. 

• The Capital Markets division of JLL is marketing what it calls the “nonperforming loan” on One Oxford Centre, a one-million-square-foot office tower on Grant Street in downtown Pittsburgh, the Pittsburgh Business Times reported. The 54-story building was purchased by San Francisco-based investment firm Shorenstein for about $150 million in early 2016. The company still owes $93 million on the tower, which is now worth far less than it was at the time of purchase. JLL executive managing director John Pelusi and senior managing director and head of JLL’s Pittsburgh Capital Markets team Mark Popovich are handling the marketing. 

• A loan backed by 811 Wilshire in Los Angeles ($35.4 million | 10.7% of COMM 2014-UBS6) transferred to special servicing this month after missing its maturity, reported Morningstar Credit. The 336,000-square-foot office building had seen its occupancy fall below 50% as of June 2024, although Morningstar noted that Cushman & Wakefield’s leasing page for the property suggests a current occupancy closer to 60%. 

• Autumn Lakes ($30.2 million | 3.0% of BBCMS 2022-C15 | CMBX.16) transferred to the special servicer after having been issued a notice of default for non-compliance with KYC requirements, according to Morningstar Credit. The loan is backed by a 295-unit multifamily property in Newport News, VA. The property is subject to a 15-year LIHTC program that expires in 2030, after which all units can be converted to market rent. 

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• The Dilweg Cos. turned ThExchange office park in Charlotte over to Ares Management, the Charlotte Business Journal reported. The property’s $68.6-million loan matured in May and became nonperforming that same month. Ares initiated foreclosure proceedings on the property at 5510 77 Center Drive in July. Overall occupancy at the property is currently 64%, according to CoStar data. 

• Vibrant Wellness, a Silicon Valley biotech company, bought an office property at 3100 N. First St. in San Jose from an affiliate of its lender, East West Bank, for $17.5 million, the Silicon Valley Business Journal reported. The property went into foreclosure under its last real estate firm owner, Vista Investment Group, which defaulted last October on nearly $24 million of a $25-million refinancing loan. 

• An affiliate of Starwood Property Trust paid $22.8 million to take back the 12-floor, 71,000-square-foot office building at 29 W. 35th St. in Manhattan, according to the New York Business Journal. Starwood aquired the property after hosting a foreclosure auction to find other buyers this summer. Empire State Equities, also known as American Equities, is the seller in the transaction. Over 17 years of owning the 113-year-old Midtown South office building, the company faced multiple foreclosures on the property. 

• Morningstar Credit reported that Columbia Corporate Center ($20.5 million | MSC 2019-H6) was liquidated in September, resulting in an $8.3-million loss to the trust. The loan, backed by an office in Florham Park, NJ, had been with the special servicer since August 2023. Servicer commentary indicated that the borrower submitted a discounted payoff proposal which was ultimately approved. 

• An 11-story, 306,600-square-foot office property at 1110 Vermont Ave. NW in Washington, DC is scheduled for an Oct. 30 foreclosure auction at Alex Cooper Auctioneers, according to the Washington Business Journal. The owner, an affiliate of Epic LLC, owes nearly $77.5 million on a $90-million note originally issued in 2019 by M&T Bank. 

• The historic U.S. Custom House in the Pearl District of Portland, OR will be up for foreclosure auction early next year, reported the Portland Business Journal. Lazarus House LLC, an affiliate of California-based Vista Investment Group, owes around $20.5 million on the building at 220 N.W. Eighth Ave. The amount includes $19.5 million in unpaid principal, interest and other fees. An auction is scheduled for Jan. 21, 2025. Meanwhile, lenders hope to offset the $19-million loan via online auction running from Oct. 28 to Oct. 30.  

• The Minneapolis/St. Paul Business Journal reported that a New Brighton, MN-based company with experience in commercial property receiverships has taken control of the Dayton’s Project in downtown Minneapolis as the property’s owner faces a foreclosure suit claiming mortgage default. A judge with Hennepin County District Court issued an order last month appointing Lighthouse Management Group Inc. as receiver of the building, located at 700 Nicollet Mall, to maintain the property while it goes through the legal process. An entity tied to the property’s lender, New York-based Fortress Investment Group, sued to foreclose on the property, claiming the borrower defaulted on its $200-million loan.  

• Commons at Madera Fair ($18.1 million | 4.9% of COMM 2014-UBS5) moved to special servicing this month after failing to pay off at its September maturity, reported Morningstar Credit. The retail property, a nearly 300,000-square-foot retail center in Madera, CA, is anchored by Lowes in 57% of the space on a lease until July 2028. The loan’s DSCR has always hovered around 1.20x and was below break-even for the first half of 2024 despite being 99.5% occupied. 

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• FRI Investors is said to be paying a little less than $100 million, or $71.43 per square foot, for the 68% leased, 1.4-million-square-foot office building at 70 West Madison St. in Chicago, Trepp reported, citing Crain’s Chicago Business. The West Palm Beach, FL, company is buying the property from a venture of Hearn, GEM Realty Capital and Farallon Capital, which acquired it in 2014 for $375 million.  Ownership was hit with a foreclosure suit in May, alleging that the group  defaulted on $305 million of debt that was provided against the property in 2018 by Bank of America, PNC Bank, Aareal Bank and Raymond James.   

• Trepp reported that the 198-room Doubletree Jersey City hotel in Jersey City was acquired by Capital Insight for $61.5 million, or $310,606 per key, in a deal that involved its assumption of a long-troubled $60-million loan.  The hotel had been overseen by a receiver, Trigild, since 2022. The property’s then owner, an affiliate of Hartz Mountain Industries, had said it would turn the hotel over in a deed-in-lieu of foreclosure.  As part of Capital Insight’s acquisition, the mortgage has had its term extended by two years to October 2027.  

• A New York judge has ordered the mortgage lender for the Aloft hotel near the Galleria in Houston to pay nearly $51 million to repurchase the hotel’s long-delinquent loan as the property’s receiver works to stabilize its finances. The Houston Business Journal reported that Aloft Houston by the Galleria’s loan servicer now seeks additional financial information from its owners to determine a course of action, given that the hotel’s ownership still had a $30.8 million loan balance as of February. The hotel at 5415 Westheimer Rd. has been in receivership for the past four years, and loan servicer notes say the hotel’s owners, The Levine Organization out of Melville, NY, have failed to keep up with debt service payments since October 2021. 

• An affiliate of Ardent Cos. has filed a foreclosure suit against the venture that owns two office buildings totaling 326,822 square feet in downtown Miami, reported Trepp. The venture, between Stonerock Capital Partners and Triple Double Real Estate, bought the buildings at 200 SE First St. and 44 West Flagler St. in May 2022 for $56.7 million, financing them with a $58.3-million loan from Ardent that matured in June. But the loan, now with a balance of $49.4 million, defaulted at the start of the year, according to the suit. The lender has requested that a receiver be appointed to manage both buildings. 

• A receiver has taken over management of the office tower at 312 Elm St. in downtown Cincinnati, marking the third office building in the CBD to pass into receivership, reported the Cincinnati Business Courier. Paul Plattner, managing director of Colliers Real Estate Management Services, assumed the court-appointed role last month. Delaware-based Wilmington Trust, an affiliate of M&T Bank Corp., currently holds the mortgage note, executed in 2015 with a principal amount of $46.1 million upon Philadelphia-based Rubenstein Partners’ purchase of the building. 

• The $409.8-million Ashford Hospitality Trust Portfolio loan has gone back into special servicing due to imminent monetary default. The loan is backed by a portfolio of 17 hotels across seven states operating under seven different flags including Hilton, Marriott and Starwood franchises. Morningstar Credit reported that the loan was previously transferred to the special servicer in April 2020 because of COVID-19 pandemic hardships. However, a loan modification agreement was executed in February 2021 and the loan was returned to the master servicer in April 2021. After the final 12-month extension option, the loan matures in November 2024.  

• The $247.2-million Stamford Plaza Portfolio loan (GSMS 2014-GC24, CGCMT 2014-GC25 & WFRBS 2014-C22 | CMBX.8) moved to special servicing after failing to pay off at its August 2024 maturity, according to Morningstar Credit. The loan, secured by four office buildings totaling 986,000 square feet in Stamford, CT, has been buffeted by decreasing occupancy and cash flows for years. Net cash flow in 2023 was 58% below the underwritten level and occupancy hasn’t managed to break the 70% mark. 

• The Centre, a $130-million CMBS loan backed by a 314-unit, 15-story apartment building in Cliffside Park, NJ, transferred to special servicing in September 2024 for maturity default. Morningstar Credit reported that the pari passu loan actually matured back in July 2024 but it was under forbearance from July 2024 to September 2024. The property has performed well during the life of the loan, maintaining 90%+ occupancy and a DSCR in excess of 2.40x. 

• A $118.9-million loan backed by the majority of Colorado Mills, a 1.4-million-square-foot outlet center in Lakewood, CO, was sent to the special servicer on August 29 for maturity default ahead of its November 2024 maturity, Morningstar Credit reported. The loan’s collateral consists of 918,448 square feet. The Simon Property Group-owned center has more than 130 tenants and is anchored by Regal Cinemas and Burlington. 

• Coastal Grand Mall ($99.3 million | 29.8% of GSMS 2014-GC24) has also moved to special servicing after missing its August 2024 maturity. The loan is backed by a mall in Myrtle Beach, SC that had performed fairly well in recent years, seeing its occupancy rebound from 83% in 2022 to 99% as of June 2024. The CBL-owned mall had previously remained current through the loan term save for a temporary payment deferral period during the pandemic, Morningstar Credit reported.  

• A $94-million loan on Gateway Center in Pittsburgh (60.7% of JPMCC 2013-C10) was transferred to the special servicer for imminent maturity default ahead of its January 2025 maturity. The four multi-tenant office buildings reported occupancy of 55% as of March 2024., according to Morningstar Credit. The loan initially received a maturity extension in 2023, and the performance has not stabilized. 

• Westbrook Corporate Center ($88.8 million | MSC 2018-H3, BMARK 2018-B4 & BMARK 2018-B5 | CMBX.12) was transferred to special servicing on September 10, 2024, due to imminent non-monetary default. The loan is backed by a 1.1-million-square-foot office campus consisting of five Class A multi-story office buildings in the Chicago suburb of West Chester, IL. Occupancy was 68% as of June 2024, down from 84% at issuance. 

• Meridian Corporate Center ($74.1 million | BMARK 2018-B4, JPMDB 2018-C8 | CMBX 12) was transferred to special servicing earlier this month for imminent monetary default, reported Morningstar Credit. The loan is secured by a portfolio of ten Class A suburban office properties in Durham, NC, adjacent to the Research Triangle Park. The portfolio’s 2023 net cash flow was 17% below issuance and the occupancy was 67% as of June 2024, 

• Morningstar Credit reported that a $74-million loan backed by 214-224 W. 29th St. In Manhattan’s Chelsea submarket transferred to special servicing due to payment default. The 200,454-square-foot office reported a 2023 net cash flow that was 56% below the issuance level and a DSCR just below breakeven. Occupancy has also deteriorated, dropping from 83% at issuance to 67% as of December 2023. Loan maturity is not until July 2029. 

• The special servicer has approved a one-year maturity extension and modification for Aspiria Office Campus ($232.5 million | JPMCC 2021-BOLT), pushing the maturity to August 2025, Morningstar Credit reported. The loan is backed by a 3.7-million-square-foot, 20-building Class A Office Campus in Overland Park, KS, within the Kansas City metro area. The loan’s first maturity was in September 2023, but the borrower was granted a one-year extension. The loan was then returned to the master servicer only to ultimately be shipped back to the special servicer in June 2024. 

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