Brookfield Asset Management has acquired a 290,835-square-foot office property in Washington, DC through a deed-in-lieu of foreclosure. The property was previously owned by BGO and funded with $123 million from Citigroup. A loan on another downtown DC office building was transferred to special servicing after an anchor tenant announced plans to vacate. Shipt Tower in Birmingham, AL has entered receivership due to falling occupancy and revenue needed for loan requirements.
Lenders are moving towards foreclosing on a piece of 1155 Market St. after the building’s largest tenant signaled its departure. An affiliate of Douglas Development Corp is planning to hand over several properties in Washington DC’s Chinatown neighborhood due to losing tenants including their own coworking concept that replaced WeWork.
The Cleveland East Portfolio has been transferred for imminent default as its DSCR dropped below break-even despite being specially serviced at its original maturity date and extended until July 2024 with two one-year extension options.
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