Kushner’s 666 Fifth goes to special servicer
The Real Deal – March 05, 2010
The $1.215 billion securitized loan secured by the Kushner Companies iconic Midtown office building at 666 Fifth Avenue was transferred to special servicing yesterday as part of an effort to restructure the loan, a company spokesperson told The Real Deal in a statement. Kushner bought the building, located between 52nd and 53rd streets, for $1.8 billion from Tishman Speyer Properties in January 2007, at the time the highest price ever paid for an office building…
Citigroup Center going back to lender
San Francisco Business Times – March 5, 2010
Broadway Partners is preparing to hand One Sansome St. back to Prudential Real Estate Investors, the latest in a series of highly leveraged downtown San Francisco owners who are voluntarily giving distressed properties back to the lender…
Hollander 95 Business Park owners file for bankruptcy
Baltimore Business Journal – March 5, 2010
The development teams behind the Hollander 95 Business Park in East Baltimore filed for bankruptcy Thursday, a day before their 51-acre redevelopment was to be sold at a foreclosure auction…
Woodbury Lakes shopping center going back on sale block
Minneapolis / St. Paul Business Journal – March 4, 2010
…Woodbury Lakes’ lender initiated foreclosure proceedings last September after former owner, Hartford, Conn.-based Cornerstone Real Estate Advisors, defaulted on its mortgage, which included $65 million in outstanding principal. Cornerstone then transferred the title to Delaware limited liability company DMARC, part of Miami Beach, Fla.-based LNR Partners Inc., through a deed in lieu of foreclosure…
Four Seasons, Mosaic Apartments get foreclosure reprieve
Dallas Business Journal – March 3, 2010
A couple of high-profile North Texas commercial properties have received a reprieve from the auction block. Lenders didn’t move ahead with foreclosure proceedings Tuesday on the Four Seasons Resort & Club in Irving or the Mosaic apartments in downtown Dallas…
Sawgrass Marriott owners file for Chapter 11
Jacksonville Business Journal – March 2, 2010
The owners of the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach have filed for Chapter 11 bankruptcy protection. Public records show RQB Resort LP and RQB Development LP filed for bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida yesterday, listing Goldman Sachs Group Inc. among its creditors and assets and debt of as much as $500 million each.
Tishman Speyer walks away from Santa Clara Towers
Silicon Valley / San Jose Business Journal – March 1, 2010
Shorenstein Properties has taken ownership of the twin Santa Clara Towers, formerly known as McCandless Towers, from Tishman Speyer. Tishman cited dropping property values as the reason to give the property to Shorenstein…
