- O’Connor Capital Partners, a longstanding investor in Polaris Fashion Place, has taken 100% ownership and operational control of the retail, restaurant and entertainment complex at 1500 Polaris Pkwy in Columbus, OH. Terms were not disclosed. Columbus Business First reported that the change in ownership comes amid the recent struggles of former Polaris owner Washington Prime Group. The Columbus-based real estate firm, which emerged from bankruptcy in late 2021, said in April that it would eliminate 139 jobs at its headquarters.
- The Oregonian reported that a 35-story high-rise that brought the Ritz-Carlton brand to Portland, OR has gone back to the lender, as Ready Capital has taken possession of Block 216. Terms were not disclosed. All parts of the mixed-use building, including offices and Ritz-Carlton-branded hotel rooms and residences, will continue to operate as normal, the company said.
- D.C. Strategic Value Property Investor I LLC, an affiliate of New York’s Farm View Ventures, has filed a foreclosure affidavit for 1325 G St. NW, a 10-story, 305,259-square-foot office two blocks from the White House and owned by an affiliate of Westbrook Partners, the Washington Business Journal reported. The loan, previously held by U.S. National Bank Association, was assigned in June to Farm View. The Westbrook affiliate acquired 1325 G, built in 1969 and renovated in 2017, for $175 million in 2019. A $112-million nonperforming loan on the property hit the market earlier this year.
- One of downtown Cincinnati’s largest apartment buildings, an office-to-residential conversion project, faces a foreclosure lawsuit, the Cincinnati Business Courier reported. ACREC 2021-FL1 Ltd., the current holder of a $71-million mortgage loan on City Club Apartments CBD Cincinnati, filed a foreclosure complaint in Hamilton County Common Pleas Court against Jonathan Holtzman, founder and CEO of Detroit-based City Club Apartments, and the holding company that owns the downtown apartment complex, CCA CBD Cincinnati LLC, of which Holtzman is the managing member.
- The Park Central Hotel on Ocean Drive in Miami Beach could be seized in a $69.11-million foreclosure lawsuit, according to the South Florida Business Journal. Park Central Lender LLC filed a foreclosure complaint July 17 against CGI 640 Ocean Management, with CGI Hospitality Opportunity Fund I LLC as the guarantor. CGI 640 Ocean Management acquired the property for $81.45 million and obtained a $71.11-million loan from Deutsche Bank. The loan was assigned to Park Central Lender this past February. According to the lawsuit, the loan matured on March 15, 2023, and the borrower owes $69.11 million in principal, plus interest and fees.
- The Silicon Valley Business Journal reported that the owner of a long-vacant property in downtown San Jose recently filed for bankruptcy. Full Standard Properties, LLC, which owns the former Greyhound Station site at 60 and 70 S. Almaden Ave., filed for Chapter 11 bankruptcy in the Northern District of California. Full Standard Properties bought the site for $39 million in 2016. The blighted property is the site of a proposed residential and retail redevelopment.
- 55 Hawthorne in San Francisco ($61.5 million | 8.1% of JPMCC 2017-JP5) moved to special servicing ahead of Yelp’s pending lease expiration at the end of this month, reported Morningstar Credit. Yelp had subleased a significant portion of its footprint, which encompassed 94% of the space, with the expectation that most of the sublessees would vacate at the end of Yelp’s term. The servicer has noted one direct lease has materialized, but only through July 2026, and the servicer projects occupancy to fall to just 12.8%.
- The Falls Houston Multifamily Portfolio ($64.5 million | 8.8% of WFCM 2024-SC1 | CMBX.18) is heading to special servicing with the servicer citing “imminent monetary default” as the cause, according to Morningstar Credit. The loan is backed by three garden-style multifamily properties in suburban Houston. The cause of the transfer is not entirely clear, and the loan isn’t set to mature until July 2029.
- Morningstar Credit reported that 55 West 125th Street ($47.0 million | 11.0% of JPMBB 2015-C30 | CMBX.9) moved to special servicing after missing its July 2025 maturity date. The loan, secured by a 218,000-square-foot office in Harlem, had paid on time during the entire loan term and reported a 2.97x DSCR in 2024. The City of New York is the largest tenant on multiple leases, the largest of which encompasses 36% of the space into 2039; the City University of New York is in 30% of the space until November 2030. The borrower is apparently seeking an extension.
The post Return to Lender: Week of July 24, 2025 appeared first on Connect CRE.
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