- The $87.5-million loan against the 182,738-square-foot office property at 292 Madison Ave. in Midtown Manhattan is being offered for sale through Newmark, Trepp reported. With an original balance of $92.5 million, the loan was provided by Deutsche Bank, allowing owner Vanbarton Group, to refinance what then was $75 million of mortgage financing. The latest loan matured last month. New York-based Vanbarton acquired the 101-year-old property in 2016 for $180 million and renovated it. Currently it’s 70% occupied.
- Rialto Capital has listed 340 Bryant St. in San Francisco for sale for roughly the same price point at which the firm took ownership of the building at a foreclosure auction last year, reported the San Francisco Business Times. The special servicing arm of the Miami-based real estate investment management firm bid $12 million, or roughly $190 per square foot, to take control of the 63,000-square-foot office property at a public auction last November. It is now seeking pricing in the low $10-million range for the building. Newmark has the listing.
- Crescent Heights has relinquished a South Loop development site that was poised to become a residential tower adjacent to the 76-story Nema Chicago, reported Crain’s Chicago Business. The Miami-based company transferred the parcel at 1201 S. Michigan Ave. through a deed in lieu of foreclosure, allowing an affiliate of Mexican lender Grupo Financiero Inbursa to take control of the property, Crescent Heights had been trying to sell the 40,000-square-foot parcel since last summer, with plans to use the proceeds to pay off its debts.
- Loans secured by seven Martin Selig Real Estate (MSRE) Seattle office buildings matured earlier this month and have been transferred to a special servicer due to what loan servicing documents characterize as imminent monetary default. The Puget Sound Business Journal reported that three tranches of interest-only CMBS loans total $238.9 million and are secured by Class A and B buildings that are between 15 and 54 years old and spread across the urban core. MSRE EVP Jordan Selig told the Business Journal that her firm is in talks with special servicer CWCapital about modifying the loans.
- Morningstar reported that CVS Las Vegas Strip ($18.7 million | 6.4% of COMM 2014-CR16) was transferred to special servicing this month for maturity default. The loan was scheduled to mature in April 2024 and the borrower is requesting an extension. The sole tenant, CVS, is dark but is on a lease through April 2029.
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