- Greenway Plaza ($416.2 million | GSMS 2017-GPTX) is under contract via a receivership sale, Morningstar Credit reported. The transaction is expected to close in March, at which time the subject loan will be assumed and the maturity date extended. The loan, backed by 16 properties comprising office, retail, and parking uses in Houston, has been in special servicing since missing its July 2022 maturity date. The most recently reported financials show that cash flow remains significantly below the original underwritten level. The collateral was appraised for $438.0 million in 2024.
- Lender Wells Fargo has foreclosed on 25 W. 45th Street after being the highest bidder at an auction earlier this month, acquiring the property for $45.1 million, Crain’s New York Business reported. The loan, backed by a Midtown Manhattan office property, transferred to special servicing in January 2024 after failing to pay off at its November 2023 maturity. Occupancy has remained below 80% since 2021, following WeWork’s departure from the building, according to Morningstar Credit.
- 1155 Market St. ($48.0 million | 15.9% of COMM 2016-CR28) was taken by the trust at a foreclosure hearing at the end of January. Morningstar Credit reported that the loan, secured by the bottom eight floors of an 11-story office building in San Francisco, moved to special servicing in March 2024 after the City of San Francisco, the sole tenant in the collateral space, vacated.
- Hilco Global is handling the bankruptcy sale of Carrollton Gateway, an 11.2-acre, mixed-use land assemblage located at 2441 N, Broadway St. in Carrollton, TX. The four-tract site could accommodate a 12-story maximum hospitality and office property, a six-story residential building with ground-floor retail, a 20-story hospitality and/or office high-rise and a 20-story residential, hospitality and/or office tower, according to Hilco. Bids are due by Feb. 26.
- The 184,000-square-foot office at 1133 Connecticut Ave. NW faces a March 12 foreclosure auction at Alex Cooper Auctioneer’s D.C. office, the Washington Business Journal reported. The owner, a joint venture between Lerner Enterprises and the Lenkin Co., owes $36.4 million on a $43-million note issued in 2007 that was refinanced in 2015. New York State Teachers Retirement System holds the note.
- Morningstar Credit reported that the Saks Fifth Avenue Building ($1.3 billion | SFAVE 2015-5AVE) moved to special servicing following Saks Global’s recent bankruptcy filing. The loan is secured by the leased fee interest in Saks’ flagship store in Manhattan. The recency of the filing makes it unclear what effect it could have on the property and the loan, although DBRS Morningstar noted in a recent press release that “Saks Global arranged $1.8 billion in financing, including $1.5 billion of debtor-in-possession financing and would allow Saks Global to use the company’s leasehold interest in the Manhattan flagship store as collateral to secure the funds.”
- The loan on 181 W. Madison ($240.0 million | JPMCC 2020-LOOP & multiple conduits) is back in special servicing after the borrower’s 2026 budget projected negative cash flow for the year. Morningstar Credit reported that the proximate cause of the projected shortfalls is Northern Trust’s contraction and free rent period that went into effect on Jan. 1 of this year at the Chicago office tower. The commentary also notes that the borrower will not be injecting equity to cover the shortfalls. The loan was previously specially serviced from 2021 to 2023 after the bankruptcy of the original owner.
- The ownership of the more than 2.3-million-square-foot U.S. Steel Tower, downtown Pittsburgh’s biggest building, has been placed on a watchlist for a $200-million loan administered by Wells Fargo that is scheduled to mature on June 1, the Pittsburgh Business Times reported. The building is owned by 600 GS Prop LP, an affiliate of New York-based 601W Companies. Although the loan is performing, the 2026 assessed value of the property is 24% less than the mortgage balance at just under $152 million.
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