WeWork may file for chapter 11 bankruptcy as early as next week, according to the Wall Street Journal. The company missed interest payments on its bonds and reached a forbearance agreement with financial stakeholders before a potential default.
CrossHarbor Capital Partners, an investment firm based in Boston, purchased a San Francisco office property at auction for $15 million after the owner defaulted on their loan. This sale comes after the owner was served with a notice of default earlier this year.
The Washington Business Journal reported that an office complex in Herndon, VA is facing foreclosure after its owners defaulted on their CMBS loan. The property’s total debt is $50.8 million and it has been placed into special servicing.
Macerich Co., one of the joint venture partners in Country Club Plaza shopping center in Kansas City, MO reported a quarterly net loss due to an expected shortened ownership period for the property. They are currently working towards finding a mutually acceptable outcome with lender Nuveen.
Another retail property owned by Macerich Co., Fashion Outlets of Niagara Falls NY also contributed to their overall Q3 loss due to an $86-million loan going into special servicing last month.
Wanamaker Building in Philadelphia has lost another tenant causing its occupancy rate to drop below 50%. LevLane relocated from this building which continues its downward trend.
Luzzatto Company has defaulted on their $48-million loan backed by Sweetgreen’s former headquarters located at 1301 Exposition Blvd. Foreclosure could occur as soon as January 10th,2024 when the loan reaches maturity date.
