Return to Lender: Week of April 10, 2025

The Dallas Business Journal reported that San Francisco-based real estate investment firm Spear Street Capital LLC has acquired a Harwood No. 4, a 20-story office tower located at 2828 Harwood St. In Dallas, at a foreclosure auction. The tower was previously owned by its developer, Dallas-based Harwood International Inc. It’s not clear what Spear Street paid for the property.

Via Mizner Owner I LLC, an affiliate of Penn-Florida Cos., has hired a team from CBRE to sell its Boca Raton apartment complex, subject to U.S. Bankruptcy Court approval, according to the South Florida Business Journal. Bankruptcy Judge Erik Kimball in West Palm Beach approved the debtor’s motion to hire CBRE’s Robert Given, Zachary Sackley, Troy Ballard and Neal Victor. The debtor owns the 366-unit 101 Via Mizner Apartments at 101 E. Camino Real, which were completed in 2017. Via Mizner Owner filed Chapter 11 reorganization in January. The Chapter 11 filing stayed a UCC auction that an affiliate of Blackstone had pending against Via Mizner Owner over a $195-million mortgage.

Lenders are listing a $187.5-million loan backed by 55 Second St. for sale, putting the downtown San Francisco office tower itself in play, reported the San Francisco Business Times. The building’s lenders tapped Newmark to list the loan, with pricing guidance at the equivalent of the mid- to high-$300 per square foot range, that person said. That range would value the loan — and therefore a path to wrest control of the 380,000-square-foot 55 Second from its current owner, Paramount Group — at between approximately $130 million and $145 million.

Pembroke Lakes Mall ($260.0MM | GSMS 2013-PEMB) has transferred to the special servicer for maturity default, Morningstar Credit reported. The regional mall in Pembroke Pines, FL finished 2023 with an NCF that was consistent with the year prior but 28% below the underwritten amount. Occupancy was healthy at 95% as of September 2024 and the anchors remain open, but revenue has decreased while expenses have ticked upwards. No resolution strategy has been specified, with the commentary stating that the lender is discussing options with the borrower.

44 Whippany ($26.3 million | BMARK 2020-B21 | CMBX.14) has transferred to the special servicer for payment default, according to Morningstar Credit. The loan is backed by the leased fee interest in the land beneath a 231,865-square-foot office in Morristown, NJ. About one-quarter of the office space is listed as available for lease.

Related Stories