- BGO has turned over a 503,000-square-foot office property at 757 Third Ave. in Manhattan to its lender, New York Life Real Estate Investors, through a deed-in-lieu of foreclosure, according to Trepp. Formerly known as BentallGreenOak, BGO purchased the property in 2015 for $360 million, funding the acquisition with a $205-million loan from New York Life. The property changed hands at a value of $173.1 million, according to New York City records.
- Philadelphia-based GoldOller Real Estate Investments recently closed on the $60-million acquisition of the Williamsburg Apartments in Cincinnati out of receivership, reported the Cincinnati Business Courier. The 976-unit apartment complex was in receivership following a January 2023 foreclosure case in Hamilton County Common Pleas Court against the prior owner, BRC Williamsburg Holdings LLC. JLL executed a $74.3-million loan in 2019 upon BRC’s acquisition of the property. It subsequently assigned the mortgage to Fannie Mae, which launched the foreclosure case. But JLL in October 2024 substituted itself as plaintiff. BRC, having defaulted on the loan, owed $77.5 million as of late 2023,a sum that had grown to $91.8 million by 2025, due to interest and receivership costs.
- A receiver has sold Martin Selig Real Estate’s Third Avenue and Virginia Street property in downtown Seattle to Urban Visions for $4.3 million, according to the Puget Sound Business Journal. Urban Visions CEO Greg Smith said he bought the property with John Diamond, president of Diamond Parking. It’s Urban Visions’ second notable Seattle acquisition in a week. The property is one of seven lots that Selig lost this spring, when he agreed to the appointment of a receiver. Deeds of trust show Selig borrowed $50 million against the properties.
- TD Bank seeks to foreclose on a shopping center in Colonie, NY after major tenants, including Market 32/Price Chopper, vacated the property, the Albany Business Journal reported. The owners of Colonie Plaza at 1892 Central Ave. defaulted on a $15.6-million commercial mortgage due to the loss of major tenants and a “material adverse change” in the borrowers’ financial condition, according to a complaint TD Bank filed Oct. 29 in state Supreme Court in Albany County.
- The Washington Business Journal reported that a Chevy Chase multifamily building at the center of a lawsuit involving the founder and CEO of DC developer American Housing is headed to the foreclosure auction block. The 127-unit apartment building at 5225 Connecticut Ave. NW faces a Dec. 4 auction at the D.C. offices of Alex Cooper Auctioneers, according to a condo foreclosure notice filed by an affiliate of New York commercial real estate lender Maxim Credit Group. The property owners owe $11.7 million on a $10.6-million loan.
- A 200,000-square-foot office building in St. Louis Park, MN is scheduled to go to auction next month after being taken over by the lender earlier this year. One of four buildings that make up the Metropoint office campus, the 10-story office building at 435 Ford Rd. is listed for sale on LoopNet as an investment or redevelopment opportunity, reported the Minneapolis/St. Paul Business Journal. Apple Valley-based Wings Financial Credit Union acquired the office building in a foreclosure auction earlier this year for $5.86 million.
- A small commercial building in Cambridge. MA that hosts a pizzeria and an Asian restaurant is scheduled to go to foreclosure auction later this month, the Boston Business Journal reported. The property at 781-783 Main St. is on less than one-tenth of an acre and has been assessed at just $800,000, but Sullivan & Sullivan Auctioneers, which is listing the auction, says the site’s location and Cambridge rezoning provide redevelopment opportunities.
- Millennia Companies has defaulted on a $35.4-million loan for The Centennial Building, a downtown Cleveland landmark, according to a new lawsuit. Cleveland.com and the Cleveland Business Journal reported that Deutsche Bank wants a federal judge to take control of The Centennial away from Millennia and to appoint a receiver to manage the property, because it still owes $33.4 million on its loan. As part of the funding for the office-to-residential redevelopment of the vacant property, millions of dollars in public incentives are now in limbo, reported Cleveland.com
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