- Seattle-based Vibrant Cities has lost a newer mixed-use apartment building, Roystone, at the start of the steep slope that connects Lower and Upper Queen Anne. Co-founder James Wong signed over eight-story Roystone, which was built four years ago at 5 W. Roy St., through a trustee’s deed, reported the Puget Sound Business Journal. The buyer’s address is the same as Citymark Capital of Cleveland. A price of $0 for the 93-unit property was listed on the sales affidavit, indicating a Chapter 11 bankruptcy sale. Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon Anderson multifamily team at Kidder Mathews represented the former owner.
- An out-of-state investor has acquired a distressed apartment property in northeast Birmingham, AL, the Birmingham Business Journal reported. ECA Village LLC bought the 250-unit Village Square Landings at 4141 Pinson Valley Pkwy for $13.4 million, or $53,600 per door. The buyer is associated with multifamily investment firm Emerald City Associates, based in Raleigh, NC. Josh Jacobs, Royce Emerson and Lloyd Escue of Marcus & Millichap’s Birmingham office facilitated the deal.
- The San Francisco Business Times reported that the 118-key Tilden Hotel near Union Square has been acquired by a new owner for less than a fifth of its pre-pandemic sale price. The nine-story property, located at 345 Taylor St., was sold by AllianceBernstein LP to an affiliate of Oceanic Enterprises for $9.3 million in a deal last month — just 19% of the price a previous owner paid for it in 2015. AllianceBernstein acquired the hotel as the beneficiary of a deed-in-lieu-of-foreclosure transaction in 2022. The previous owner, Yang Capital Group, owed AllianceBernstein nearly all of the $48.5 million it paid for for the hotel in 2015.
- A north Charlotte apartment development is in receivership after a lawsuit alleges the owner defaulted on its loan and failed to maintain the property, according to the Charlotte Business Journal. Allianz filed a lawsuit on June 2 in Mecklenburg County Superior Court against BLV Ascend LLC, BLV Ascend II LLC and Ellie and Benjamin Perlman. The complaint claims the defendants defaulted on the terms of a $72.4-million loan that Allianz provided in June 2022 and asked the court to place the property in receivership. A judge granted Allianz’s receivership request, appointing Amy Clement of Childress Klein’s Charlotte office as receiver.
- A bankrupt hotel project in downtown San Antonio is lining up millions to push forward, the San Antonio Business Journal reported. Blueprint Hospitality, the Houston developer behind the 145 Navarro development, is negotiating $168 million in loans from several parties to restart the stalled project. Connected entity 145 Navarro, LLC filed for Chapter 11 protection in February under the weight of unpaid debts while attempting to convert the eponymous building from an office to a 243-key luxury hotel.
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