[[{“value”:”
**Return to Lender: Week of October 30, 2025**
**B3 Investors Acquires Note and Property in Oakland at Deep Discount**
B3 Investors, based in Oakland, CA, has purchased a $42 million note backed by the Breuner Building, a historic office property located at 2201 Broadway in Oakland, for roughly $14 million, according to the San Francisco Business Times. Following the acquisition of the note, B3 Investors secured ownership of the nearly 198,000-square-foot building via a deed in lieu of foreclosure. The transaction translates to approximately $70 per square foot, marking a 76% discount from the price paid by previous owner TMG Partners in 2016. Lender Wells Fargo initially placed the note on the market earlier this year, drawing 16 competitive bids. The final deal exceeded the initial pricing guidance of $10 million.
**Miami Beach Hotel Set for Foreclosure Auction**
An online foreclosure auction has been scheduled for December 15 for the Park Central Hotel, a 140-room property in Miami Beach. Trepp reports that the hotel’s former owner, an affiliate of CGI Merchant Group, lost control of the asset following a foreclosure lawsuit filed last summer. CGI acquired the hotel for $81.45 million three years ago with funding from a $71.11 million Deutsche Bank loan. That loan matured in March 2023 and was later transferred to Park Central Lender LLC this February.
**Properties Tied to Developer Brandon Chasen Headed to Auction**
Two Fells Point properties in Baltimore, previously associated with developer Brandon Chasen, will be auctioned separately on November 13, according to the Baltimore Business Journal. The assets located at 1517 Eastern Avenue and 523-537 S. Broadway each require a $500,000 deposit for bidding. Chasen had intended to develop the properties into a mix of retail and residential units before filing for voluntary bankruptcy in July.
**Foreclosure Proceedings Begin for One South Broad in Philadelphia**
A foreclosure complaint has been filed against the One South Broad office tower in Center City, Philadelphia. The Philadelphia Business Journal reports that the filing comes two years after owner Aion Partners secured a loan extension in hopes of reviving the 25-story, 464,000-square-foot building. As of now, Aion Partners owes $36.2 million on a $46.5 million CMBS loan. Rialto Capital Advisors, the special servicer, has requested court approval to appoint a receiver for the property.
**Muse & Eden Pointe Apartments Transferred to Special Servicing**
Morningstar Credit has reported that the Muse & Eden Pointe apartment loan—totaling $81.6 million and split across two CMBS transactions (BBCMS 2024-C24 and BBCMS 2023-C22, part of CMBX.17)—has been transferred to special servicing. The stated reason for the transfer is the appointment of a receiver, but it’s not clear whether the affected property is in Houston or Dallas. The loan was recently securitized and showed 2024 net cash flow 11% above expectations, along with solid occupancy.
**Cleveland Office Property Enters Special Servicing**
One Cleveland Center, backing a $50.9 million loan across two CMBS pools (UBSCM 2017-C6 and WFCM 2017-C42), has been moved to special servicing due to an imminent monetary default, Morningstar Credit reported. The asset’s cash flow has consistently underperformed since the loan’s inception, with 2024 figures coming in 18% below underwritten levels. The debt service coverage ratio (DSCR) has dropped to 1.22x, and leasing challenges remain, with nearly one-third of rentable space set to roll by mid-2026.
**Pittsburgh Office Portfolio Misses Maturity, Transferred to Special Servicing**
The Park Place I & II office portfolio in suburban Pittsburgh, backing $26.7 million in CMBS debt (6.7% of JPMBB 2015-C32 and part of CMBX.9), has moved to special servicing following a missed payment at its October maturity. Morningstar Credit revealed that occupancy dropped to 85% as of March 2025, compared to 96% at year-end 2023. Cash flow fell 17% below issuance guidance. Notably, one of the largest tenants, United Lender Services, whose lease expired in June 2025, is no longer listed on the rent roll, and another key tenant is due to vacate in June 2026.
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