Brookfield Asset Management has acquired a 290,835-square-foot office property in Washington, DC through a deed-in-lieu of foreclosure. The property was previously owned by BGO and financed with $123 million from Citigroup. A loan on another downtown DC office building has been transferred to special servicing due to an anchor tenant’s plans to vacate. Shipt Tower in Birmingham, AL is now under receivership as occupancy and revenue have declined significantly since its purchase by Hertz Investment Group (HIG) in 2015 for $75.98 million.
Lenders are foreclosing on a piece of 1155 Market St., following the departure of the building’s largest tenant – City and County of San Francisco – signaling default on a $48-million loan backed by lower eight floors.
Douglas Development Corp.’s affiliate will hand over several prominent properties located in Washington D.C.’s Chinatown neighborhood after losing tenants including their own coworking concept launched as replacement for WeWork location that closed there last year.
The Cleveland East Portfolio ($39.2 million | CD 2017-CD6 & WFCM 2017-C39 | CMBX11) was transferred for imminent default after years of declining occupancy leading to negative debt service coverage ratio (DSCR). The loan had been specially serviced at its original maturity but extended until July2024 with two one-year extension options upon equity injection from borrower; however post-modification performance remains lackluster despite current payments being made.
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