- Morningstar Credit reported that Bixby Bridge Capital and Franklin Partners acquired the distressed loan backed by the 23-story, 536,000-square-foot office tower at 200 West Monroe in Chicago ($68.2 million | JPMCC 2014-C20 & JPMBB 2014-C21 | CMBX 8) at a steep discount, paying roughly $16.0 million. The loan had been in special servicing since February 2024. Although this was a note sale and not a property sale, the loan is resolving at just $29.88 per square foot.
- Years after it was first set to hit foreclosure auction, downtown Austin’s IHOP property was purchased by Travis County Exchange Corp. for just over $12.7 million, reported the Austin Business Journal. World Class Holdings, which owned the property through its WC 707 Cesar Chavez LLC entity, successfully delayed foreclosure of the land for years. Cesar Rainey Street LLC has attempted to foreclose on the site multiple times since purchasing a $2.7-million loan for the property in 2020. On May 5, the site was finally sold in an auction at the Travis County Courthouse.
- An Oakland apartment building that landed in the hands of its lender is now for sale, the San Francisco Business Times reported. JLL’s Ryan Wagner, Matt Kroger and Brandon Geraldo have the listing for the Ora Apartments at 1815 Alice St., near Oakland’s Lake Merritt. The building’s former owner, Vaughn Management, bought the property in 2021 for $41 million, just as demand dropped during the pandemic. Lender Prime Finance ultimately seized ownership of the Ora Apartments in December 2024 through a foreclosure sale for $25 million. The Ora joins several apartment buildings in the city that have gone back to their lenders or have sold at major discounts in the wake of the residential market resetting, the Business Times reported.
- The Denver Business Journal reported that Denver Broncos legend John Elway now seeks to sell a historic property in Denver’s Uptown area after a foreclosure proceeding last year. The 1665 N. Pearl St. building once housed Tavern Uptown, one of many bars and restaurants owned by Frank Schultz under the Tavern Hospitality Group. The sports bar shuttered in 2016. Since then, nothing has opened in the building. Last November, the John A. Elway Jr. Revocable Trust took possession of the property. Now, the 14,295-square-foot building is up for sale at an asking price of $3.68 million, or $257.43 per square foot.
- The $80-million CMBS loan against the 441,523-square-foot 3000 Post Oak Blvd. office building in Houston’s Galleria area is headed to foreclosure, Trepp reported. The loan, divided among three CMBS deals, pays a 4.99 percent. It matured in March 2025 but was extended through this month. It’s been in the hands of special servicer K-Star Asset Management since September 2024, when Bechtel Corp.’s ful-building lease matured. The now-vacant building, constructed in 1979, was reappraised last October at a value of only $25.2 million, according to servicer data compiled by Trepp. In 2019, when the CMBS loan was originated, it was appraised at a value of $143.9 million.
- The owner of Ellsworth Place, a Silver Spring, MD retail center anchored by Burlington, Marshalls and Ross, faces the potential loss of the property after the departure of notable tenants TJ Maxx and Outback Steakhouse strained its cash flow, the Washington Business Journal reported. A Montgomery County Circuit Court judge earlier this year approved a request by the property’s lender to appoint a receiver to oversee the 350,000-square-foot center. The property’s valuation was substantially reduced in December to $68.5 million, down from $95.9 million in 2018, when the center’s owner, an affiliate of Brentwood, TN-based GBT Realty, acquired Ellsworth Place for $92 million in partnership with Equity Resource Investments and Avante Financial Group.
- Villas Of Ocean Drive ($26.7 million | 3.7% of FREMF 2025-K536), secured by a 191-unit apartment property in Corpus Christi, TX, moved to special servicing, the latest in a string of special servicing transfers resulting from changes to tax exemption laws in Texas. Morningstar Credit reported that the borrower was required to pay down the loan by $8.5 million plus a prepayment penalty in the event it was unable to secure the exemption. According to servicer’s commentary, the borrower has “not cooperated” with making the payment.
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