[[{“value”:”
**Return to Lender: Week of January 29, 2026**
– Twenty-three apartment properties majority-owned by Brandon Chasen have been sold to a Midwest-based buyer, marking a significant development in Chasen’s personal bankruptcy proceedings. The boutique, market-rate properties—located in Baltimore neighborhoods including Mt. Vernon, Fells Point, and Roland Park—are now under the management of IronDoor Property Management, based in Kansas City, Missouri. As part of the transaction, Oregon-based lenders StanCorp and PR GIV LLC agreed to reduce their outstanding loan claims in connection with the bankruptcy case for the time being.
– A fifth major downtown apartment building in St. Louis has entered receivership in just three months. A state court judge appointed GlassRatner Advisory & Capital Group as receiver for the Gallery Villas Apartments located at 511 Olive Street. Wilmington Trust previously filed a petition seeking to place the 50-unit building in receivership, citing default on a $23.7 million loan. The property is owned by Brandonview IX LLC, linked to developer Brian Hayden.
– Two former hotels in Georgetown, Washington, D.C., may be heading to foreclosure auction. These include the Georgetown Suites Harbour Hotel at 1000 29th Street NW and the leasehold on the former Sonder Georgetown C&O Apartments at 1111 30th Street NW. Both properties, owned by affiliates of Bethesda-based Varsity Investment Group, are scheduled for a February 26 foreclosure sale. The combined debt on both properties is $22.3 million.
– A commercial mortgage-backed securities (CMBS) loan on Denver’s World Trade Center I & II totaling $96.8 million has been liquidated, resulting in a staggering $112.7 million loss—equivalent to 98.5% of the original loan balance. The property had been real-estate-owned (REO) since 2022. Also liquidated this month was Dulles View, with a $41.2 million loan that brought an additional $9.8 million loss. As a result, multiple CMBS classes including E, F, and the non-rated bottom class were written off, with Class D written down by 79%.
– Two recently originated Freddie Mac loans secured by Denver-area multifamily properties have gone into special servicing. Boulder Crossroads Apartments, a 322-unit property valued at $49.5 million with strong performance metrics (1.45x DSCR, 94% occupancy), is facing debt service challenges. Similarly, The Meadows At Town Center Apartments, a 104-unit property in Thornton, Colorado, backing a $17.2 million loan, is struggling despite comparable performance.
– A CMBS loan on Jefferson Mall in Louisville, Kentucky, valued at $48.8 million, has transferred to special servicing. The sponsor, CBL, has announced it will no longer retain the underperforming property and will be unable to repay the loan at its June 2026 maturity. Although occupancy remains above 90%, cash flow has declined, suggesting an approach of maintaining tenants at lower rent levels. The loan had previously entered special servicing upon maturing in 2022.
– Aspen Heights, a 500-bed student housing property near Texas A&M University in Corpus Christi, has re-entered special servicing. The $22.7 million loan backing the 153-unit project had been modified and assumed in 2022, with the maturity date extended to January 2026. Current servicing commentary indicates a likely path toward receivership or foreclosure.
– Falls of West Oaks, a 288-unit multifamily asset in Houston, has moved to special servicing as part of a broader wave of transfers related to the bankruptcy of its sponsor. The $18.2 million loan had shown adequate performance until a late payment occurred in November 2025, following a record of on-time payments.
These developments reflect ongoing challenges in both the multifamily and commercial real estate markets as sponsors, borrowers, and lenders navigate a fluid economic and credit environment.
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