Return to Lender: Week of August 13, 2026

An out-of-state hedge fund has won an auction to acquire the entirety of Spirit Airlines’ former headquarters in South Florida with a $93.25-million cash bid. The South Florida Business Journal reported that the now-defunct carrier named DPC HoldCo LLC, an affiliate of Boston-based Hill City Capital, as the successful bidder in a notice of auction results. Hill City was also the stalking horse bidder in the auction, which was brokered by Savills Eastdil Secured.

A downtown San Antonio office building, anchored by La Panaderia Bakery & Café on the ground floor, has sold in a distressed sale. The Vogue Building at 600 Navarro St. traded in an Aug. 5 foreclosure auction for about $5.2 million, the San Antonio Business Journal reported. Ownership entity Vogue SATX LLC, connected to local investor Dr. Sanjay Misra, defaulted on a $6 million loan drawn up by Blue Sky Bank. The bank took control of the property, which was last appraised at $6 million, per the Bexar Central Appraisal District.

U.S. National Bank Association, the lender for Denver’s tallest tower, has requested a receiver for the property after ownership defaulted on an approximately $130-million loan, reported the Denver Business Journal. Republic Plaza, at 370 17th St., is owned by Brookfield Properties and insurer MetLife.

The retail space at Brightline MiamiCentral Station could be seized in a $65-million foreclosure lawsuit, according to the Orlando Business Journal. U.S. Bank, acting as administrative agent for two groups of lenders, filed a foreclosure complaint July 30 against Brightline Investment Holdings and DTS DT Retail LLC, along with property manager FECI Realty. The roughly 124,000 square feet of retail at 600 N.W. 1st Ave. is owned by DTS DT Retail, which is a subsidiary of Brightline Investment Holdings.

Buffalo Business First reported that a New York City developer is now facing foreclosure proceedings against a second large apartment community in Amherst. Acres Loan Origination LLC, an affiliate of commercial mortgage lender Acres Capital, has filed a foreclosure complaint in state Supreme Court against the Auden Buffalo student housing community at 2915-2949 N. Forest Road. The defendant is an affiliate of real estate developer DMG Investments. In its complaint, Acres said that in early 2021 it made two loans totaling $32.5 million for the construction of Auden Buffalo. The loan matured in January 2024 with the entire principal unpaid, according to Acres’ complaint. The filing comes days after a group of lenders represented by Deutsche Bank National Trust Co. started foreclosure proceedings against the Air Buffalo apartment building at 1265 Sweet Home Rd., also owned by a DMG affiliate.

Bucks County, PA restaurant franchisee The Integritty Group is being sued by its lender over an $18.3 million debt secured by its 41 Qdoba Mexican Eats restaurants, according to the Philadelphia Business Journal. Bank Midwest filed a complaint against Integritty Group’s Qdoba franchise entities in U.S. District Court for the Eastern District of Pennsylvania on Aug. 6. The bank claims the Langhorne-headquartered company, also known as TIG, defaulted on a $20 million loan agreement executed in April 2025.

The Los Angeles Office/Studio Portfolio ($1.1 billion | BXHPP 2021-FILM) will move to special servicing per an announcement from one of the borrowers, Morningstar Credit reported. The loan, backed by five office properties and three studios, was scheduled to mature on August 9. An extension was granted and there’s now a 30-day extension window to document the modification.

The $396-million loan backed by 85 Tenth Avenue (DBWF 2016-85T, CD 2017-CD3 & BACM 2017-BNK3) has moved to special servicing due to what the servicer termed imminent default, reported Morningstar Credit. The loan is backed by a 633,000-square-foot office property in Manhattan’s Chelsea neighborhood that has Google as its largest tenant. Cash flow has significantly lagged the underwritten figure since the pandemic, with 2025’s cash flow being reported as 28% below underwriting. The total debt stack also includes $229.0 million of mezzanine funding.

Fresno Fashion Fair ($325.0 million | Multiple Conduits | CMBX.10) transferred to special servicing ahead of its November 2026 maturity date. Morningstar Credit reported that the loan is secured by a portion of the enclosed regional mall in Fresno, CA. However, Morningstar reported that performance has been more than adequate and occupancy currently stands at 96%, so a modification of the loan is expected.

111 Livingston Street ($120.0M | CGCMT 2017-P7, CD 2017-CD3 & CD 2017-CD4 | CMBX.11) moved to special servicing after a sharp decrease in net cash flow, reported Morningstar Credit. Net cash flow in 2025 was 75% below the underwritten level, dropping the DSCR below breakeven for a second straight year. Occupancy at the Brooklyn, NY office property was reported at 55% as of December 2025. A steady exodus of tenants has been the main culprit, as the property has been in a steady decline financially since the pandemic.

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