- Hackman Capital Partners is expected to cede ownership of Radford Studio Center, the historic L.A. production facility, to lenders after defaulting on a $1.1-billion mortgage, Variety reported, citing a Bloomberg News account. Hackman, the world’s largest independent studio owner, reportedly told investors last month that it had suspended negotiations to restructure the debt on the 55-acre site, and is expected to turn over the facility to Goldman Sachs. In a statement to Variety, Hackman said it is working with the banks on a resolution.
- Columbus Business First reported that the ownership of developer Brett Kaufman’s Gravity I apartments in Columbus, OH’s Franklinton neighborhood transferred to its lender. The mixed-use development at 480 W. Broad St. was the first phase of Gravity, a $68-million project with around 230 apartments. The property transferred to an LLC registered to Merchants Bank of Indiana.
- An office building at 1700 Market St. in Philadelphia is up for sale as the Center City property’s years-long foreclosure process nears an end, the Philadelphia Business Journal reported. Cushman & Wakefield, the receiver for 1700 Market, is marketing and selling the 850,723-square-foot building. San Francisco-based Shorenstein owns the property. The 32-story office tower has faced mounting financial challenges in recent years. Shorenstein owes more than $186.7 million on a CMBS loan backed by the property, which Barclays originated in January 2022. The loan transferred to special servicing in late 2023.
- A downtown Orlando building that last sold in a bankruptcy process is on the market again, reported the Orlando Business Journal. Marcus & Millichap is the listing broker for 14 E. Washington St., a 42,088-square-foot, six-story building with ground-level retail. The building was sold by 14 East Washington LLC to 14 East Washington LP for $4.5 million after a two-year bankruptcy process in 2024. According to marketing materials, the building is 53% leased. Wyatt Shuford, David Vaughan and Ray Turchi of Marcus & Millichap are representing the seller.
- Morningstar Credit reported that 1384 Broadway ($88.0 million | 8.7% of CD 2017-CD3) moved to special servicing after seeing its DSCR fall below breakeven. The office property at 38th & Broadway in Midtown Manhattan has seen gradual decreases in occupancy and revenue over the past few years, while expenses have jumped more than 25% since issuance. The loan matures in February 2027.
- The Intercontinental Kansas City Hotel ($62.1 million | COMM 2016-DC2 & DBJPM 2016-C3) has moved to special servicing ahead of its February 2026 maturity date, reported Morningstar Credit. The 366-key hotel in Kansas City, MO has struggled to meet underwritten net cash flow for most of its loan term, but the problems became more acute post-pandemic with the T-12 net cash flow from September 2025 sitting at 40% below the issuance level. The Kansas City Business Journal reported that the property was being shopped toward the end of last year and also noted the pending expiration of the Intercontinental flag in December 2025.
- The Residence Inn by Marriott LAX ($45.0 million | Multiple Conduits | CMBX.10) moved to special servicing for imminent default after seeing its cash flow fail to rebound after the pandemic, according to Morningstar Credit. The 2,310-key hotel is located 0.5 miles from the entrance to Los Angeles International Airport; it’s also roughly three miles from SoFi Stadium and the Intuit Dome. Cash flow ran above underwriting for the first two years of the loan term before declining in the years leading up to COVID and has not recovered since then.
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