- Torchlight Investors has taken the ground lease interest in the 266-unit Onyx on First apartment property in the Navy Yard area of Washington, DC through foreclosure, Trepp reported. The New York lender in 2021 provided $47.5 million of financing against the property, at 1100 First St. SE, which was owned by a venture of Urban Investment Partners and Blue Owl Capital. The venture purchased it in 2018 for $95.5 million and then sold the fee interest to Safehold Inc.
- Blox Ventures has finalized its acquisition of an Emeryville, CA office property, 6001 Shellmound St., via a deed in lieu of foreclosure, the San Francisco Business Times reported. San Francisco-based Blox in December bought the $21.61-million loan secured by the eight-story, 109,333-square-foot property, for $6.8 million from PNC Bank, representing a 68% discount at roughly $62 per square foot, positioning it to take over ownership of the building. Prior owners Sagard Real Estate, formerly called EverWest Real Estate, purchased the property in 2017 for $33 million, taking out a $21.6-million loan that matured in December.
- The adjacent buildings at 222 Kearny St. and 180 Sutter St. In San Francisco’s Union Square are scheduled for public auction outside San Francisco’s Memorial Court gates at 1:30 p.m. on April 10, reported the San Francisco Business Times. Chicago-based Gem Realty Capital and its San Francisco-based partner Flynn Properties, which acquired the two buildings for $74.75 million in 2019, have been in default on a $47.5-million loan backed by the properties for more than a year. Lender Goldman Sachs and its representatives have repeatedly threatened to foreclose on the two Union Square buildings. Although ongoing negotiations between parties appear to have kept foreclosure at bay, these negotiations “effectively ceased” earlier this month.
- The $48.3-million CMBS loan on the DoubleTree Berkeley Marina was transferred to special servicing this month for imminent monetary default, according to Morningstar Credit. Revenue at the full-service hotel in Berkeley, CA has remained below issuance since the pandemic, causing the DSCR to fall below breakeven.
- Cathedral Place ($33.7 million | 4.6% of WFCM 2015-C29) was transferred to special servicing this month after the loan missed its March 2025 maturity date, Morningstar Credit reported. Occupancy at the 219,778-square-foot Milwaukee office property was last reported at 71% in December 2024, down from 96% earlier in the year, largely attributable to the departure of Deloitte. The property performed well during the loan term, with the 2024 net cash flow up 7% from issuance. Per the servicer comments, the borrower has stated its intent to refinance the loan.
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