[[{“value”:”
**Return to Lender: Week of November 20, 2025**
**Chasen-Owned Multifamily Developments May Sell for $206M**
Twenty-three multifamily properties owned by LLCs tied to Baltimore developer Brandon Chasen are poised for sale to a Midwest firm by year’s end, following a U.S. Bankruptcy Court order filed Tuesday in Maryland. The Baltimore Business Journal reports the developments carry outstanding loans totaling $206 million. A previous October court filing identified Kansas City-based IronDoor Property Management as the prospective buyer.
**Radio Free Asia Offices Enter Receivership**
Radio Free Asia’s Washington, D.C. offices have gone into receivership following funding cuts. A D.C. Superior Court judge has transferred control of the property at 2025 M St. NW to receiver Trigild IVL. The building’s owner—an affiliate of Brazilian retail magnate Michael Klein—defaulted on a $54.6 million loan.
**Chicago Office Air Rights Loan Moves to Special Servicing**
The $167 million loan tied to the air rights for 300 South Riverside Plaza in Chicago has been transferred to special servicing, per Morningstar Credit. The loan, which is part of the MSC 2015-MS1 and MSBAM 2015-C22 deals, had an anticipated repayment date in March 2025 and final maturity in March 2045. The underlying office property has seen recent tenant downsizing, contributing to financial uncertainty.
**Boca Office Portfolio Enters Special Servicing Amid Sales Plans**
The $99 million Boca Office Portfolio has been transferred to special servicing, despite consistent performance during the loan term. The portfolio is part of BMARK 2021-B24, BMARK 2021-B25, and BANK 2021-BN32, and is included in CMBX.15. Morningstar Credit notes that the borrower intends to sell the four properties in Boca Raton, Florida, individually. However, since the loan documents prohibit partial releases, special servicing is required to approve the sales.
**Imminent Default for Ellsworth Place Loan**
The loan for Ellsworth Place in Silver Spring, Maryland, totaling $64.5 million and securitized across multiple conduits in CMBX.12, has been transferred to special servicing due to imminent default. Morningstar Credit reports that although the loan remains current, the borrower has declined to commit additional equity to meet outstanding obligations. The property’s 2024 net cash flow is 11% below initial underwriting yet posts a debt service coverage ratio (DSCR) of 1.30x.
**625 North Michigan Avenue Faces Cash Flow Challenges**
A $50.6 million loan secured by an office property at 625 North Michigan Avenue in Chicago has been transferred to special servicing due to severe cash flow issues, according to Morningstar Credit. The loan, representing 6.9% of the CF 2019-CF1 deal, has seen net cash flow fall 43% below issuance-level underwriting. Occupancy, once at 92%, declined to 64% by June 2025. Former anchor tenant SS Research, which once occupied 6% of the gross leasable area, is no longer listed on the rent roll following its lease expiration in May 2025.
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