• The lenders behind a non-performing loan backing the Four Seasons San Francisco at Embarcadero are seeking a buyer for $72.5 million in debt with a potential path to owning the 155-key downtown luxury hotel at a steep discount, the San Francisco Business Times reported. JLL has been tapped to arrange the sale of the debt, which originated from HSBC Bank but was later sold to Waterfall Asset Management in 2022. The deadline for offers is June 11. 
  • Morningstar reported that One Riverway ($70.1 million | 7.5% of COMM 2015-CR22) is scheduled for a foreclosure auction in June. The loan, secured by a 483,000-square-foot office building in Houston, moved to special servicing in May 2023 for imminent default after the largest tenant, Thompson Coe, gave notice of its intent to vacate at its lease expiration in this past January.  
  • The owners of downtown Portland’s Dossier are once again at risk of losing the upscale hotel thanks to lingering debt and a tepid market for guest rooms, reported the Portland Business Journal. A foreclosure auction is scheduled for 10 a.m. on Oct. 1 in front of the Multnomah County Courthouse if the borrowers fail to bring themselves current on a loan standing at more than $60 million. A payment off $11 million would bring the loan up to date, according to the Business Journal. 
  • The land intended for a boutique hotel in San Antonio could change hands soon, reported the San Antonio Business Journal. Developer Harris Bay has defaulted on its loan tied to 151 E. Travis St., the tract intended for the Artista Hotel. The firm is on the hook for about $2.1 million on a loan from Equity Secured Capital prior to the pandemic. The land is scheduled to go on the auction block on June 4. 
  • The $127.9-million Wyndham National Hotel Portfolio securitization (UBSCM 2019-C18 & seven other conduits | CMBX.15, CMBX.16 & CMBX.17) has been sent to special servicing, Morningstar reported. Commentary on the BMO 2022-C1 piece of the debt notes that it was transferred for “various defaults including but not limited to failure to comply with cash management.” The loan is secured by a portfolio of 44 limited-service hotels in 23 states. 
  • A $47.6-million securitized loan backed by Offices at Broadway Station (4.7% of WFRBS 2014-C22 | CMBX.8) has moved to special servicing ahead of its August maturity, reported Morningstar. The loan, secured by a 318,000-square-foot office building in Denver, reported a 1.58x DSCR for 2023. This follows several years of volatile performance which saw occupancy fall from 100% in 2021 to 63% in 2022 before rebounding to 82% in 2023. A review of the rent roll shows there is no additional near-term rollover risk. 
  • The REO Princeton South Corporate Center ($44.9 million, 5.8% of MSBAM 2016-C28) saw its value further lowered this month to $27.6 million from a prior value of $34.9 million, according to Morningstar. The loan transferred to special servicing in February 2022 amid declining occupancy and cash flow. The Ewing, NJ office asset became REO in November 2023. Servicer commentary notes that the property is currently 53% occupied. 
  • A three-story Union Square building at 532 Sutter St. that was once home to the San Francisco Playhouse Theatre has a new owner and asking price after a related lender seized control this month. An affiliate of Wilshire Quinn Capital out of San Diego foreclosed on the property at auction on May 6 after the previous owner, Lafayette-based Oak Impact Group, defaulted on a $6-million promissory note originated from Wilshire in early 2023. Like the building’s previous owner, Wilshire wants to offload 532-536 Sutter St. to a buyer but cut the asking price by 35% to $5,575,000. 

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