- Houston-based Pappas Restaurants was selected as the prevailing bidder during the bankruptcy auction of On The Border Mexican Grill & Cantina. Terms were not disclosed. On The Border, which currently operates about 60 locations across the U.S. and South Korea, filed for Chapter 11 protection in March. Subject to court approval, the sale is expected to close in the next few weeks.
- The South Florida Business Journal reported that Palm50 Acres LLC, part of Taylor Made Lending, filed a foreclosure complaint April 30 in Palm Beach County Circuit Court against DK Arena and Fairway Enterprises, along with legendary boxing promoter Don King as the loan guarantor. It targets the property at 1415 45th St. in Mangonia Park, FL, which has a 282,757-square-foot facility that once operated as a jai alai fronton. Although the facility is no longer in use, the site serves as parking for a neighboring Tri-Rail passenger rail station.
- Hotel Indigo, currently in receivership, has been listed for sale after a previous attempt to sell the facility through an auction fell through, reported the St. Louis Business Journal. An asking price for the 88-key hotel at 501 Olive St. downtown isn’t included in the for-sale listing. Hotel Indigo was previously to sell for $4 million through the auction. St. Louis-based Midas has operated the hotel as its receiver since March 2023.
- Maryland-based The Union Labor Life Insurance Co. filed a foreclosure action against CCA CBD Pittsburgh LLC, an affiliate of Jonathan Holtzman and his suburban Detroit-based City Club Apartments over the City Club project in downtown Pittsburgh. The life insurance company claims a default on a mortgage for the former YWCA headquarters building at 305 Wood St. downtown and seeks a total of more than $4.2 million, including interest, according to the Pittsburgh Business Times.
- 100 Pearl Street ($27.0 million | 5.4% of COMM 2015-PC1) was transferred to special servicing ahead of its April 2025 maturity, Morningstar Credit reported. The Hartford, CT office’s occupancy has failed to stabilize since falling to 52% in 2018, despite the sponsor investing $10 million in renovations in 2019. Occupancy was last reported at just 60% in September 2024. As a result, the DSCR for the first nine months of 2024 was below break-even at 0.24x.
- 1800 41 Street ($24.2 million | 4.8% of COMM 2015-PC1) has transferred to special servicing ahead of its June 2025 maturity. Morningstar Credit reported that the Everett, WA office property’s occupancy fell to 25% as of December 2024, after the lead tenant, Frontier Communications (61% of GLA), departed at its November 2024 lease expiration. Prior to Frontier’s departure, the Seattle-area office outperformed issuance.
The post Return to Lender: Week of May 8, 2025 appeared first on Connect CRE.
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