Coretrust Capital Partners is facing a foreclosure auction for their Pasadena, CA office building on December 20. The property, which includes 600,000 square feet of office space and 40,000 square feet of retail space, will be sold to cover debts secured by the deed of trust. These obligations total $271 million and were due on July 6.
In New York City’s Midtown Manhattan area, luxury hotel The Chatwal will also go up for auction next month due to defaulting on a mezzanine loan from Motcomb Estates. This puts the Reuben Brothers’ company first in line for ownership as they filed a pre-foreclosure proceeding in May with an outstanding balance of $62.8 million.
A Capitol Hill office building developed by Republic Properties Corp., located at 660 N. Capitol St NW in Washington D.C., is set to be foreclosed upon with an auction scheduled for December 19th conducted by Alex Cooper Auctioneers. Apollo Insurance Solutions Group LLC has filed a foreclosure affidavit with the D.C Recorder of Deeds after missing mortgage payments totaling $91.97 million.
Crain’s Chicago Business reported that Isaac Shalom and Billy Shalom have been hit with a $50-million foreclosure suit from LNR Partners over their retail property at One North State Street after missing mortgage payments six months ago and failing to sell it within the past year.
The owners of Uptown Tower along U.S Highway north Dallas have avoided foreclosure through filing Chapter11 bankruptcy protection just days before its scheduled Decemeber5th auction date.The owners are Houston-based Pillarstone Capital REITand Whitestone REIT who defaulted earlier this yearon their mortgage payment but managedto fileforbankruptcyprotectioninDallasfederalcourtthroughWhitestoneUptownTowerLLC,theownershipvehiclefortheproperty.
LoanCore Capital Credit REITis now seekingtodemolishthe recently renovated office park at 1230-1290 Oakmead Pkwy in Sunnyvale, CA and replace it with a residential development after the $63.5-million loan fell into default.
As the College of Saint Rosein Albany, NY prepares to close its doors in spring 2024, questions arise about what will happen to its campus and surrounding properties. More than 80 properties could become vacant in the Pine Hills neighborhood as bondholders hold mortgages on over a dozen college buildings with an appraised value of $78 million. The college currently owes $48 million in bond debt.
