Fortress Development CEO Andy Lakha has relinquished control of the billion-dollar-plus Avenue Bellevue development in Bellevue, WA to a lender. The Puget Sound Business Journal reported that an affiliate of Silverstein Capital Partners, an early lender for the two-tower project, has taken over ownership and management. Details of the transaction were not disclosed and Lakha declined to comment on whether he still holds any ownership stake.
The owner of downtown Cincinnati’s former Garfield Suites Hotel is facing a new foreclosure lawsuit after failing twice to convert it into apartments. According to the Cincinnati Business Courier , UC Funds filed a foreclosure and breach-of-contract suit against owner Michael Collier for owing $26.3 million on a loan originated by Boston firm Phoenix Acquisition in January 2022.
A $525-million CMBS loan on Midtown Manhattan’s 150 E. 42nd St., backed by Wells Fargo as its largest tenant, has been moved to special servicing due to underperforming net cash flow levels in recent years.
Morningstar Credit also reported that One California Plaza ($300 million), backed by an office building in Los Angeles’ CBD, was moved back into special servicing as it faces maturity this November with declining performance and occupancy rates due largely to pending tenant departures.
A&G Real Estate Partners will be marketing leases for sale at 296 Big Lots stores across the country after Columbus-based Big Lots initiated voluntary Chapter 11 proceedings last week with plans for asset sales facilitated by Nexus Capital Management LP.
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