- Harbor Group International has taken title to the 623-unit Lofts at Twenty25 apartment property in Atlanta, reported Trepp. The Norfolk, VA, investment manager two years ago had provided $104.7 million of financing against the property at 2025 Peachtree Road NE to fund its $136-million purchase by Westside Capital Group of Miami. More recently, the property in Atlanta’s Buckhead neighborhood has struggled with occupancy issues. It was 26% occupied at the end of the first quarter, down from 45% at the end of 2022, according to data compiled by Trepp.
- A 186-unit Emeryville, CA apartment complex has been seized by its lender, reported the San Francisco Business Times. Known as the Bayview, the complex is now owned by an affiliate of CIM Group after completion of a deed in lieu of foreclosure. The seller was an affiliate of Amcal Housing, a residential developer based in Agoura Hills. The deed in lieu of foreclosure valued the seven-story apartment building at $88.7 million.
- A foreclosure auction has been scheduled for Oct. 23 for L’Enfant Plaza, with 892,480 square feet of office and retail space in Washington, DC, Trepp reported, citing the Washington Business Journal. The four-building property, at 470, 490, 955 and 429 L’Enfant Plaza SW, is owned by a venture led by JBG Smith of Bethesda, MD. It JBG Smith had written down its investment in the property to zero in 2022. It had bought into the complex, along with a hotel within it, in 2003. The JBG Smith venture in 2015 had lined up a $219.1-million loan commitment from Blackstone Mortgage Trust, which later funded parts of it through the CLO market. Alex Cooper Auctioneers will handle the foreclosure auction.
- Los Angeles-based Tides Equities has been hit with two more foreclosure suits in North Texas, according to Trepp. A foreclosure auction is scheduled for Oct. 1 for the 500-unit Tides on Trinity property at 3930 Accent Dr. in Dallas and the 264-unit Tides on Chadwick at 13900 Chadwick Pkwy. in Northlake. Tides acquired the properties in early 2022, financing them with a $152.8-million loan from Starwood Mortgage Capital. Elsewhere in Texas, Bridge Investment Group has filed to foreclose on Tides on Mueller, a 181-unit property in Austin that Tides purchased in 2022 with a $22.9 million loan that Bridge provided. The property at 5700 Cameron Rd. is slated for auction next month.
- Receiver Spinoso Real Estate Group has hired JLL to market for sale the 1.06-million-square-foot Northlake Mall in Charlotte, NC, Trepp reported, citing the Charlotte Business Journal. The 84.1% occupied retail property is one of four that had served as collateral for a $681.6-million loan that matured five years ago.
- 141 Livingston ($100.0 million | BMARK 2021-B24, BMARK 2021-B25 & BMARK 2021-B26 | CMBX.15) was reported 30 days delinquent as of September, according to Morningstar Credit. The loan is backed by a class B office property in downtown Brooklyn, which is almost fully occupied by the City of New York Department of Citywide Administrative Services on a lease running until December 2025. However, it had been reported that the agency had taken two floors in One Willoughby Square.
- Morningstar Credit reported that the $27.3-million loan backed by the Independence Loft property in Philadelphia has moved to special servicing. The loan had previously been watchlisted by the servicer back in 2022 for failure to submit financials. Then, during 2023, there were outstanding tax and insurance advances throughout the year. Most recently, the servicer commentary notes that the sponsor has filed for Chapter 11 bankruptcy, resulting in a non-monetary loan default and pushing the loan to the special servicer.
- Crowne Plaza Dallas ($25.2 million | 2.5% of WFCM 2017-C39), secured by a lodging property in Dallas, was transferred to special servicing for non-monetary default, according to Morningstar Credit. The servicer commentary alludes to defaults under the franchise agreement that, if not cured, could lead to a loss of the Crowne Plaza flag. The property’s performance has struggled post-COVID, with 2023 net cash flow in 2023 reported at 26% below issuance.
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