- Piedmont Center, Buckhead’s largest office park, has sold at a foreclosure auction for $200 million, a fraction of its former value, the Atlanta Business Chronicle reported. An affiliate of Austrian bank Bawag Group placed the highest bid for the 14-building, 2.2-million square-foot property, paying about $90 per square foot. Bawag is in a partnership with CP Group, one of Atlanta’s largest office landlords, which intends to transform Piedmont Center into a “hospitality-driven campus.”
- A years-long saga that clouded the future of the Wanamaker building in Center City Philadelphia has ended with TF Cornerstone winning a foreclosure auction for the historic property and announcing a timeline for converting the majority of its office space to residential. TF Cornerstone now owns the entire 1.4 million-square-foot building at 1300 Market St. across from City Hall, reported the Philadelphia Business Journal. The New York developer has owned the three floors of now-vacant retail space at the bottom of the building since 2019. Acquiring the top nine floors of mostly office space allows TF Cornerstone to move forward with plans to convert floors six through 12 into approximately 600 loft-style apartments. Floors four and five will remain as office.
- Brookfield has backed out of a deal to acquire the $93.15-million loan against 101 Mission St., a 206,455-square-foot office building in San Francisco, Trepp reported, citing the San Francisco Business Times. The deal would have valued the property at approximately $80 million and positioned Brookfield to take ownership. Lender ING Capital is now seeking a new buyer for the loan, which was brought to the sales market last fall through CBRE. ING took control of the property after the loan became delinquent.
- The Walden Galleria, a superregional mall in Cheektowaga, NY, is going through the mortgage foreclosure process after owner Pyramid Management Group defaulted on a $220-million loan. Buffalo Business First reported that Wells Fargo Bank, as a trustee for holders of the Walden Galleria’s CMBS loan, filed a complaint in state Supreme Court in Erie County to start the mortgage foreclosure process on the mall.
- A high-profile Harbor East property located at 1400 Aliceanna St. and owned by an entity of Chasen Cos. could head back to auction by mid-July, the Baltimore Business Journal reported. Owner CC 1400 Aliceanna Street LLC, an entity of the Fells Point development firm, halted the original sale by filing for Chapter 11 bankruptcy protection in March. Developer Brandon Chasen and his partner Paul Davis aimed to convert the former warehouse into The Anne on Aliceanna, with 272 luxury apartments and street-level retail, before plans stalled in 2024.
- The out-of-town entity that owns Kansas City, MO’s former Federal Reserve building filed for bankruptcy, staving off a foreclosure sale that had been scheduled for the historic property. The Kansas City Business Journal reported that Delta Quad Holdings LLC, which owns the vacant 21-story building at 925 Grand Blvd. and considered a conversion to hotel use, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Southern District of California. The entity has undergone management and address changes since buying the former Federal Reserve in 2014. It now lists a San Diego address and is managed by attorney Robert Lubin on behalf of foreign EB-5 investors.
- The Silicon Valley Business Journal reported that Ashford Hospitality Trust, the owner of the Hilton Santa Cruz has been struggling to pay off a $21.9-million mortgage balance on the property. The REIT said in a first-quarter earnings report that it is now negotiating with the lender for a loan extension. Earlier this spring, Ashford secured an extension for a $409.8-million loan on 17 hotels.
- Morningstar Credit reported that APX Morristown ($65.0 million | CSAIL 2019-C17 & CSAIL 2019-C19 | CMBX.14) was modified in May 2025 per updated servicer commentary. Previous commentary noted that the mezzanine lender had completed a UCC foreclosure in June 2024. Terms of the modification were not disclosed, but the new borrower had previously submitted a request to use existing reserves for capital improvements. The loan, backed by an office property in Morristown, NJ, moved to special servicing in July 2023 for imminent default although the loan has never fallen delinquent and doesn’t mature until September 2029.
The post Return to Lender: Week of June 5, 2025 appeared first on Connect CRE.
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