[[{“value”:”
**Return to Lender: Week of July 24, 2025**
– **O’Connor Capital Partners Assumes Full Control of Polaris Fashion Place, Columbus, OH**
O’Connor Capital Partners, a longstanding investor in Polaris Fashion Place, has taken full ownership and operational control of the retail, restaurant, and entertainment complex at 1500 Polaris Parkway in Columbus, Ohio. The terms of the transaction were not disclosed. This change comes amid financial troubles for former owner Washington Prime Group, which emerged from bankruptcy in 2021 and recently announced job cuts affecting 139 employees at its headquarters, according to reporting by *Columbus Business First*.
– **Ritz-Carlton Portland Tower Reverts to Lender**
Ready Capital has taken possession of Block 216, a 35-story high-rise that introduced the Ritz-Carlton brand to Portland, Oregon. Despite the change in ownership, all components of the mixed-use building—including offices and the Ritz-Carlton hotel and residences—are continuing normal operations. The *Oregonian* reported that terms of the transfer were not disclosed.
– **Foreclosure Filed for D.C. Office Near White House**
D.C. Strategic Value Property Investor I LLC, affiliated with New York’s Farm View Ventures, has filed a foreclosure affidavit on 1325 G Street NW, a 10-story, 305,259-square-foot office building located two blocks from the White House. The property was acquired in 2019 by a Westbrook Partners affiliate for $175 million. The loan, formerly held by U.S. National Bank Association and valued at $112 million, is now nonperforming, according to the *Washington Business Journal*.
– **Foreclosure Suit Filed Against City Club Apartments in Cincinnati**
One of downtown Cincinnati’s largest apartment buildings is facing foreclosure. ACREC 2021-FL1 Ltd. filed a complaint in Hamilton County Common Pleas Court against Jonathan Holtzman, CEO of Detroit-based City Club Apartments, and CCA CBD Cincinnati LLC, the managing entity for the high-profile conversion project. The complaint pertains to a $71 million mortgage loan, *Cincinnati Business Courier* reports.
– **Miami Beach Hotel Could Be Seized in $69M Foreclosure Suit**
The Park Central Hotel, located on Ocean Drive in Miami Beach, is at the center of a $69.11 million foreclosure complaint. Park Central Lender LLC filed the lawsuit against CGI 640 Ocean Management, which acquired the hotel for $81.45 million. The original $71.11-million loan, issued by Deutsche Bank, matured on March 15, 2023, and has since been assigned to Park Central Lender. The borrower is alleged to owe the bulk of the principal along with interest and fees, according to the *South Florida Business Journal*.
– **San Jose Property Owner Files for Bankruptcy**
Full Standard Properties, LLC—owner of the long-vacant former Greyhound Station site in downtown San Jose—has filed for Chapter 11 bankruptcy in the Northern District of California. The site, located at 60 and 70 S. Almaden Avenue, was purchased in 2016 for $39 million and had been proposed for residential and retail redevelopment, according to the *Silicon Valley Business Journal*.
– **55 Hawthorne in San Francisco Moves to Special Servicing**
The property at 55 Hawthorne in San Francisco, with a $61.5 million loan representing 8.1% of JPMCC 2017-JP5, has been transferred to special servicing. Yelp, the primary tenant occupying 94% of the building, is nearing lease expiration and most sublessees are expected to vacate. One short-term direct lease is in place through July 2026; occupancy is projected to drop to just 12.8%, according to Morningstar Credit.
– **Houston Multifamily Portfolio Faces Imminent Default**
The Falls Houston Multifamily Portfolio, backing a $64.5 million loan (8.8% of WFCM 2024-SC1 | CMBX.18), has been sent to special servicing due to “imminent monetary default.” The loan, secured by three garden-style multifamily properties in suburban Houston, is not set to mature until July 2029. Morningstar Credit notes that the full nature of the default remains unclear.
– **Harlem Office Property in Special Servicing Over Missed Maturity**
The office property at 55 West 125th Street in Harlem—a 218,000-square-foot building supporting a $47.0 million loan (11.0% of JPMBB 2015-C30 | CMBX.9)—has entered special servicing after failing to meet its July 2025 maturity date. Despite strong financial performance during the loan term, including a 2.97x DSCR in 2024, the borrower is now seeking an extension. Major tenants include the City of New York (36% occupancy through 2039) and the City University of New York (30% through 2030), according to Morningstar Credit.
This week’s developments highlight ongoing challenges and transitions across various real estate asset classes nationwide.
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