- Twenty-three apartment properties majority-owned by Brandon Chasen have sold to a Midwest buyer as “an important next phase in the process” of the Baltimore-based developer’s personal bankruptcy proceedings, attorney Zvi Guttman told the Baltimore Business Journal. The boutique, market-rate apartment projects scattered across neighborhoods like Mt. Vernon, Fells Point and Roland Park are now in the hands of Kansas City, MO-based IronDoor Property Management. As part of the transaction, Oregon-based lenders StanCorp and PR GIV LLC have agreed to reduce their outstanding loan claim in Chasen’s bankruptcy case for now.
- Another major downtown St. Louis apartment building has been placed in receivership, the fifth major downtown apartment building to be foreclosed on or put into receivership in the past three months, the St. Louis Business Journal reported. A state-court judge has appointed GlassRatner Advisory & Capital Group as receiver for the Gallery Villas apartments, 511 Olive St. Wilmington Trust last month filed a petition to put the 50-unit apartment building in receivership, saying the owner had defaulted on a $23.7-million note. The Gallery Villas apartments are owned by Brandonview IX LLC, an entity tied to developer Brian Hayden.
- The Washington Business Journal reported that a pair of former Georgetown hotel properties, one slated for conversion into apartments and another that operated as short-term rentals for a time, may be headed to a foreclosure auction. The Georgetown Suites Harbour hotel at 1000 29th St. NW and the leasehold on the former Sonder Georgetown C&O Apartments at 1111 30th St. NW both face a Feb. 26 foreclosure sale at Alex Cooper Auctioneers’ D.C. office. Both properties are owned by affiliates of Bethesda, MD’s Varsity Investment Group, which owes a combined $22.3 million on the properties.
- A CMBS loan on World Trade Center I & II ($96.8 million | JPMCC 2013-LC11) was liquidated this month, resulting in a $112.7 million loss, or 98.5% of the original loan balance on the Denver office complex, Morningstar Credit reported. Combined with a $9.8-million loss this month upon the liquidation of Dulles View ($41.2 million | JPMCC 2013-LC11), Classes E, F, and the non-rated bottom class were written off and Class D was written down by 79%. World Trade Center I & II had been REO since 2022, while Dulles View had been REO for two years.
- Two 2024-vintage Freddie Mac loans backed by Denver-area apartments transferred to special servicing as of the January 2025 remittance cycle, Morningstar Credit reported. Boulder Crossroads Apartments ($49.5 million | 7.2% of FREMF 2024-K522) is a 322-unit property in Denver. Performance has been strong with a 1.45x DSCR and 94% occupancy, but servicer’s commentary cites a struggle with debt service. The Meadows At Town Center Apartments ($17.2 million | 2.5% of FREMF 2024-K523) is secured by a 104-unit property in Thornton, CO. Performance on this one is similar to the loan above.
- Morningstar Credit reported that a loan on Jefferson Mall ($48.8 million | 50.9% of JPMCC 2012-CBX | CMBX.6) moved to special servicing this month after the sponsor (CBL) said it no longer wishes to retain the property and would not be able to pay off the loan at the June 2026 maturity date. The Louisville, KY mall has seen cash flow wane over the years despite maintaining occupancy above 90%, meaning the borrower has likely traded rents for occupancy. The loan previously did a stint in special servicing at its original 2022 maturity
- Aspen Heights – Texas A&M University Corpus Christi ($22.7 million | 18.3% of JPMBB 2015-C29) is back in special servicing. Morningstar Credit reported that the loan, secured by a 500-bed/153-unit student housing property in Corpus Christi, TX, was specially serviced in 2024 after being modified and assumed in 2022. That modification resulted in a one-year extension that pushed maturity to January 2026. Servicer commentary suggests this is going the receivership/foreclosure route.
- Falls of West Oaks ($18.2 million | 2.0% of 3650R 2021-PF1) moved to special servicing, the latest in a series of transfers tied to the bankruptcy filing of the sponsor, reported Morningstar Credit. The loan is backed by a 288-unit multifamily property in Houston. Performance has been adequate, and all payments were made on time until a late payment in November 2025.
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