- The team of Ramsfield Hospitality Finance and AB CarVal Investors has taken over the 248-room Kimpton Alton Hotel in San Francisco’s Fisherman’s Wharf area through a deed-in-lieu of foreclosure, reported Trepp. The team had provided $85 million of financing against the property in 2022. At the time, the hotel had been recently redeveloped at great cost. It was originally part of the former Holiday Inn San Francisco Fisherman’s Wharf, which was constructed during the 1970s and subsequently split into two pieces. In 2018 what’s now the Kimpton Alton was sold to a venture that included a DiNapoli Capital Partners affiliate.
- Austin-based StoryBuilt, which operates legally as PSW Real Estate LLC, lost the Bruno apartment development to foreclosure. The Austin Business Journal reported that property records show Moody National Bank took control of the incomplete project at 2001 S. First St., formerly part of StoryBuilt’s $2-billion development pipeline, on Dec. 5. Michael Worthen, EVP and chief credit officer at Moody National Bank, is the trustee.
- Bull Realty has just closed the sale of a bank-owned, multitenant office building located near Truist Park in the Cumberland office market just north of downtown Atlanta. The 31,366 square foot building located at 1870 The Exchange SE sold for $3,700,000. Firm founder Michael Bull, CCIM who leads the company’s National Office Group, and his son Austin Bull represented the seller, a national bank. The buyer was 12 Stones Investment Properties. “We are seeing more foreclosures as participants realize that even if we get some small interest rate reductions later this year, they will not be significant enough to solve most distress situations,” said Michael Bull. “Where borrowers are cooperative and titles are clean, we are also starting to see more short sales, which typically provides lenders with a better recovery than note sales or foreclosures. We have retail, hotel, and multifamily short sale properties about to hit the market and expect more.”
- Less than two years after it last sold, a mixed-use building on Bailey Avenue on Buffalo, NY has changed hands, according to Buffalo Business First. Texas-based GNZR Inc. recently sold 3382 and 3394 Bailey Ave. for $1.1 million to SSA REO Assets 06 LLC in a deed in lieu of foreclosure. GNZR bought the roughly 25,000-square-foot building, which is anchored by 10 apartments, for $1.7 million in July 2022.
- A letter of intent has been signed for 312 Plum ($16.3 million | WFCM 2015-C27) with an undisclosed sales price. Citing the Cincinnati Business Courier, Morningstar reported there is potential for the downtown Cincinnati office property to be converted into a mixed-use space, which would include office space along with new residential units. The property has lost several tenants over the years, with occupancy last reported at 38% as of the September, down from 83% at issuance. The loan has been in special servicing since July 2023.
- A two-year extension was approved this month for all loans in JPMCC 2019-ICON ($142.5 million), according to Morningstar. As part of the modification, the sponsor, Icon Realty, will make an upfront principal paydown on each of the loans. Only one of the 18 loans was paid off prior to the loans’ collective January 2024 maturity, despite most performing above issuance expectations. The remaining 17 loans back 364 multifamily and mixed-use (MF/RT) assets in Manhattan and Brooklyn. None of the loans are crossed and all are pari passu, also held in JPMCC 2019-COR5.
- The loan on 1551 Broadway in Midtown Manhattan ($153.6 million | 36.5% of GSMS 2011-GC5) has been extended after more than two years in special servicing, Morningstar reported. The loan matured in July 2021 before ultimately moving to special servicing in December of that year. Prior to that, Bloomberg had reported that the entire building, which houses American Eagle’s flagship store, was available for sublease. Post-transfer appraisals valued the property well in excess of the loan amount.
- Jamestown LP will retain ownership of 116 New Montgomery St., one of two downtown San Francisco office properties the firm appeared at risk of losing to its lenders last year. The San Francisco Business Times reported that Atlanta-based Jamestown last month reached an agreement with Capital One, its lender on the 135,500-square-foot 116 New Montgomery site, on a $60.6-million loan for which Jamestown was served with a notice of default last fall. Jamestown will continue to own, operate and manage the building, but appears to be willing to let go of 731 Market St., another San Francisco property on which Capital One was seeking to foreclose.
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