[[{“value”:”
**Return to Lender: Week of July 3, 2025**
**Seattle’s Roystone Apartments Returned Amid Bankruptcy**
Seattle-based Vibrant Cities has forfeited ownership of the Roystone, a newer mixed-use apartment building located at the base of Queen Anne Hill. Co-founder James Wong transferred the eight-story, 93-unit property—built just four years ago at 5 W. Roy St.—via trustee’s deed, according to the Puget Sound Business Journal. The buyer appears to be Citymark Capital of Cleveland, as indicated by the listed address. The reported sale price was $0, signaling the transaction occurred under Chapter 11 bankruptcy proceedings. Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews’ Simon Anderson multifamily team represented the outgoing owner.
**Distressed Birmingham Property Sells for $13.4M**
An out-of-state investor has purchased a troubled apartment complex in northeast Birmingham, Alabama. ECA Village LLC acquired the 250-unit Village Square Landings, located at 4141 Pinson Valley Parkway, for $13.4 million—approximately $53,600 per unit. The acquiring entity is associated with Raleigh, North Carolina-based Emerald City Associates, a multifamily investment firm. Josh Jacobs, Royce Emerson, and Lloyd Escue from Marcus & Millichap’s Birmingham office facilitated the deal.
**San Francisco Hotel Sold for Fraction of Pre-Pandemic Price**
The Tilden Hotel in San Francisco, a 118-room property near Union Square, has been sold for $9.3 million—less than 20% of its pre-pandemic valuation. The nine-story hotel at 345 Taylor St. was sold by AllianceBernstein LP to an affiliate of Oceanic Enterprises. The property had previously been acquired by AllianceBernstein through a deed-in-lieu-of-foreclosure in 2022. The prior owner, Yang Capital Group, had purchased the hotel in 2015 for $48.5 million.
**Charlotte Apartment Development Falls into Receivership**
A multifamily project in north Charlotte has entered receivership amid allegations of loan default and property neglect. According to the Charlotte Business Journal, Allianz filed a lawsuit in Mecklenburg County Superior Court against BLV Ascend LLC, BLV Ascend II LLC, and developers Ellie and Benjamin Perlman. The insurance group claims the owners defaulted on a $72.4 million loan issued in June 2022. A judge granted the receivership and appointed Amy Clement of Childress Klein’s Charlotte office as the court-appointed receiver.
**San Antonio Hotel Conversion Seeks Funding Post-Bankruptcy**
In downtown San Antonio, a stalled hotel conversion project is working to secure $168 million in funding to resume development. Blueprint Hospitality, the Houston-based firm behind the 145 Navarro project, is negotiating new loans after its affiliated entity, 145 Navarro, LLC, filed for Chapter 11 bankruptcy earlier this year. The developer plans to convert the former office building into a 243-room luxury hotel while managing a significant amount of unpaid debt.
—
*This article is part of Connect CRE’s “Return to Lender” series highlighting distressed property transactions across the United States.*
“}]]
