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**Return to Lender: Week of November 13, 2025**
A wave of foreclosures and distressed asset turnovers continues to ripple across the U.S. commercial real estate market, with properties in key cities from Denver to Washington, DC changing hands due to loan defaults and financial challenges. Here’s a roundup of recent developments:
– A Southern California investor has turned over an apartment complex in Denver’s River North (RiNo) neighborhood to the lender in lieu of foreclosure, according to the Denver Business Journal. The 301-unit Waterford RiNo, located at 2797 Wewatta Way, was surrendered by an entity associated with the Sares Regis Group to Heitman Credit Acquisition. Sares Regis had purchased the property in 2021 for $123 million and financed it with a $91 million loan from Chicago-based Heitman.
– In Dallas, First United Bank has taken ownership of the Harwood No. 1 office building in the Harwood District of Uptown. The Oklahoma-based bank acquired the property at a foreclosure auction held on November 4 with a winning bid of $27.2 million. The building at 2651 N. Harwood Street, comprising approximately 106,000 square feet, was the first office building developed by Harwood International in the district. This marks the second property Harwood International has lost to foreclosure this year.
– One Calvert Plaza, a historic tower in downtown Baltimore located at 201 E. Baltimore Street, has been sold out of receivership for $5.1 million. The property was previously under redevelopment by troubled developer Brandon Chasen. The new owner, Philadelphia-based Mira Developments, is entering the Baltimore market for the first time, as reported by the Baltimore Business Journal. Two other properties previously under Chasen’s control are expected to head to foreclosure auctions later this month.
– The Marriott Tacoma Downtown hotel, which opened just five years ago, is scheduled for a trustee sale on January 16, 2026. The move comes amid ongoing issues surrounding a $76.4 million debt owed to lenders Delphi CRE Funding and ACSS Real Estate Funding, based in Tempe, Arizona. Loan repayment was due in full by September 2024, with the current debt tied to an original 2021 loan secured by developer Yareton.
– In Washington, DC, the office building at 633 Indiana Avenue NW—long home to the Court Services and Offender Supervision Agency—is slated for foreclosure as the agency prepares to vacate. Without its sole tenant, the 188,672-square-foot property is facing a December 11 foreclosure sale at the D.C. office of Alex Cooper Auctioneers. The building’s owner, an affiliate of Zuckerman Gravely Management Inc., currently owes $31.5 million.
– In Amherst, New York, Fannie Mae has initiated foreclosure proceedings against the apartment complex at 2493-2497 Sweet Home Road over an alleged $9.8 million unpaid loan. Lockwood Villas Holdings, the property owner, had originally received an $11.4 million loan in 2017. According to Buffalo Business First, an attorney for the ownership team says the property is under contract for a sale, with proceeds expected to fully repay the outstanding debt.
These cases highlight the ongoing turbulence across various segments of the commercial property market as higher interest rates, persistent vacancies, and post-pandemic impacts continue to strain property owners and developers nationwide.
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