- Hilco Real Estate Sales announced the upcoming sale of a 110-unit affordable housing portfolio located in the Homewood South neighborhood of Pittsburgh. The portfolio sale is subject to approval by the United States Bankruptcy Court, with bids due by August 14. Spread across 21 buildings, all 110 units are covered under a Housing Assistance Payments (HAP) contract, providing immediate income potential for the next owner. The properties currently operate at approximately 80% occupancy, compared to the local market average of 96%, offering substantial upside through stabilization, renovation and improved operational efficiency, according to Hilco.
- 1650 Arch St., a half-vacant, 553,000-square-foot office building in Center City Philadelphia, has been placed in receivership as part of a foreclosure process, according to the Philadelphia Business Journal. An affiliate of Wilmington-based Delphi Financial Group, the lender for the property, filed a foreclosure complaint in mid-June against the building’s owner, ASI Management, in the Philadelphia Court of Common Pleas. Philadelphia-based ASI Management owes $46.9 million on the loan for the property. The court appointed OPEX CRE Management as the property’s receiver on July 7.
- The San Francisco Business Times reported that a Berkeley apartment building one block off UC Berkeley’s campus is heading to foreclosure auction as the city’s multifamily market continues to struggle. Academy West Investments, an affiliate of Sunstone Development, defaulted on payments on a loan tied to the 112-bed University Park apartment complex and a neighboring structure in April. The properties, at 1709 Shattuck Ave. and 1710 Walnut St., will be auctioned off Aug. 14 at noon at the Alameda County Courthouse. The county estimated the remaining principal sum of the loan at roughly $31.8 million, and the county tax collector estimated the value of the complex at $32.6 million as of July 2025.
- A row of apartment buildings in Opa-locka, FL is headed to auction after its owner lost a $5.42-million foreclosure judgment. The South Florida Business Journal reported that the 38-unit apartment complex totaling 20,769 square feet at 1219, 1221, 1225, 1231 and 1241 Sharazad Blvd. is set for foreclosure auction on Sept. 2. Avatar REIT I LLC won the judgment against Orengo Investments LLC and loan guarantor Maykel Segui over a mortgage with $3.7 million in principal outstanding, plus interest and fees. At the same time, M&M Private Lending Group won a $2.94-million foreclosure judgment over a $2.7 million second mortgage but will only get paid once Avatar REIT’s first mortgage is satisfied.
- Platinum Bank is suing to foreclose on a building in the Warehouse District of Minneapolis over allegations that the owners have defaulted on two loans totaling more than $5 million, reported the Minneapolis/St. Paul Business Journal. The lawsuit alleges borrower Hayden B Investments defaulted on the loans by allowing a mechanic’s lien to be filed on the property — located at 327 First Ave. and 20 N. Fourth St. — without the lender’s consent and terminating a tenant’s lease at the building. Both loans were taken out in 2024.
- A property once belonging to embattled development firm NorthSide Regeneration is now in the hands of the city, part of the resolution of a lawsuit, the St. Louis Business Journal reported. The deteriorating building at 3509 Page Blvd. is now owned by the city’s land bank, the Land Reutilization Authority, a lawyer for the Covenant Blu Grand Center Neighborhood Association told the Business Journal. The neighborhood association has for years sought to get the property out of the hands of NorthSide Regeneration, saying the building was “long neglected.”
- Dick’s Sporting Goods Portfolio ($26.0 million | JPMCC 2016-JP4 & JPMDB 2017-C5 | CMBX.10) has transferred to special servicing for imminent monetary default, just months before its November 2026 maturity, Morningstar Credit reported. The loan is backed by six single-tenant properties (three in New Hampshire, three in the Midwest) occupied by Dick’s Sporting Goods. One of the Dick’s stores closed ahead of its March 2025 lease expiration, but the remaining five locations remain open.
The post Return to Lender: Week of July 31, 2025 appeared first on Connect CRE.
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