- New York Life Real Estate Investors closed its bid for debt tied to 353 Sacramento St., betting on another San Francisco office property as the city’s post-pandemic recovery continues, reported the San Francisco Business Times. NYLREI, the real estate arm of New York Life, and its partner, Lincoln Property Co., acquired a $101.6-million loan backed by the 284,751-square-foot 353 Sacramento for around $62 million. Newmark represented both the buyer and seller in the deal, which positions NYLREI and Lincoln to take ownership of the property itself.
- Across the bay from San Francisco, Oakland-based developer oWow handed an apartment building in West Oakland back to its lender, the San Francisco Business Times reported. UC Funds has acquired oWow’s apartment building at 1919 Market St. via a deed in lieu of foreclosure. There was more than $50 million in debt on the 102-unit property at the time of the June 23 deed in lieu.
- The Philadelphia Business Journal reported that a parking garage in Philadelphia’s Old City has sold for $25.25 million, the third property in the area sold by a lender after taking possession of a portfolio in late 2023. Clearwater, FL-based Sunrise Capital Investors purchased the Bourse garage, a 469-spot parking garage at 400 Ranstead St., from KKR Real Estate Finance Trust Inc. The mortgage REIT took control of the garage and three other properties from MRP Realty through a deed in lieu of foreclosure. It was previously owned by Washington, DC-based MRP Realty.
- In Philadelphia’s New Jersey suburbs, the distressed Moorestown Corporate Center has sold for $17.6 million, the Philadelphia Business Journal reported. An affiliate of Melrose Solomon Enterprises bought the three-building South Jersey complex from West Conshohocken, PA-based Keystone. The sale ends three years of uncertainty around the 222,888-square-foot Moorestown Corporate Center since multiple tranches of a $27.5-million CMB loan on the property matured.
- A Northwest DC multifamily building bought by its lender in a foreclosure sale last year has been sold, reported the Washington Business Journal. A joint venture comprising July Residential Group and Matador Capital Management acquired the four-story Arbor at Takoma, at 218 Cedar St. NW, for $13.35 million last week. Feldman Ruel brokered the sale on behalf of seller Willard Holdings VI LLC, an affiliate of Chevy Chase’s Forbright Bank. The 36-unit building delivered in March 2024, but just seven months later a Forbright affiliate acquired the property at a foreclosure auction for $12.4 million.
- Hilco Real Estate Sales announced July 22, 2025, as the qualifying bid deadline for the 0.86± AC, fully entitled development parcel located at 16300 NE 19th Ave in North Miami Beach. The Chapter 11 bankruptcy sale, Petition No: 1:25-bk-11136-LMI | In re: Sky Gardens Residences, LLC, is subject to approval by the United States Bankruptcy Court for the Southern District of Florida, Miami Division.
- A rooftop commercial condo with a pool in Miami’s Brickell Financial District is set for bankruptcy auction. The South Florida Business Journal reported that debtor Ectul Holdings LLC received approval from U.S. Bankruptcy Court in Miami to auction Units CU 8, 9 and 11 at Brickell House at 1300 Brickell Bay Dr. on Aug. 5. Keen-Summit Capital Partners and investment banking firm Wilshire Advisory Group are marketing the property on behalf of the debtor.
- Morningstar Credit reported that a UCC foreclosure has been scheduled for August on the mezzanine loan attached to the Cambridge Corporate Center ($42.6MM | 6.2% of CGCMT 2018-C6 | CMBX.12). The secured trust loan, backed by a 350,000-square-foot office property in Charlotte, has remained current and is not specially serviced despite occupancy falling to 51% and a 2024 DSCR of just 0.48x.
- A $105-million loan secured by a trio of Class B office buildings in Washington, DC’s Golden Triangle office buildings has been sent to a special servicer for “imminent monetary default,” according to the Washington Business Journal. The buildings are owned by an affiliate of Zuckerman Gravely Management Inc., which originated the loan in 2017 with Bank of America. Although the loan is not delinquent, special servicer Rialto Capital drew on a reserve to cover the June payment.
The post Return to Lender: Week of June 26, 2025 appeared first on Connect CRE.
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