- Kroll Bond Rating Agency reported that the Columbus Square Portfolio, totaling $370.6 million in four 2014 vintage conduit transactions, transferred to the special servicer for imminent maturity default. The portfolio is backed by five condominium buildings that contain retail, community facility, and parking garage spaces on Manhattan’s Upper West Side. The loan, which matures in August, is reported as current. No additional information was provided by the special servicer, according to KBRA.
- The San Francisco Business Times reported that Strada Investment Group has formally assumed ownership of 201 Spear St., the latest San Francisco office building to change hands via a deed in lieu of foreclosure, and at a considerable discount to its pre-pandemic value. The San Francisco developer and an unnamed equity partner paid $67.25 million to acquire a $125-million loan originated by PGIM Real Estate Finance for the 255,000-square-foot property.
- Trinity Place Holdings Inc. has entered into a stock purchase agreement with the lender under its corporate credit facility and an affiliate of the lender, which will be issued 25,112,245 shares of common stock of the company for 30 cents per share. The New York City-based investment firm previously reported in an 8k filing that the lender, Macquarie PF Inc., had extended its loan forbearance period to Jan. 31. Earlier, Trinity Place received notice from the NYSE American advising the company that it was not in compliance with continued listing standards due to the reported stockholders’ deficit as of Sept. 30 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended Dec. 31, 2022.
- The lender on the 1980s-era 1801 Broadway office building is moving to foreclose on the property, reported the Denver Business Journal. Expansive, then known as Novel Coworking, purchased the building for $40.1 million in 2019, using a $35.4-million loan originated by LoanCore Capital Credit REIT LLC, an affiliate of LoanCore Capital. As of Dec. 28, the principal balance, excluding interest and other charges, is $34.6 million, according to foreclosure documents. Steve Schwab with Cushman & Wakefield is serving as receiver for the property.
- The Kivelstadt Group has missed more than three months of payments on a $19.58-million loan tied to 140 Second St. in San Francisco, putting the future of the South Financial District office building into question. The San Francisco Business Times reported that the loan, issued by the commercial lending arm of Natixis when TKG acquired the 34,000-square-foot 140 Second St. for $28.25 million in 2014, was transferred to a special servicer in December because of “payment default,” per a note sent to bondholders. The property first landed on a loan watchlist in November of 2022 after lenders registered that at least four tenants in the building — collectively responsible for occupying roughly 70% of the building’s leasable space – were set to have their leases expire through the end of 2023.
- A company tied to Caspi Development and Mactaggart Family & Partners sold the six-story 74 Broad St. in Manhattan’s Financial District to Nassimi Realty in a $19.6-million deed in lieu of foreclosure sale that was made public Monday, according to published reports.
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