Archive for the ‘REO Monitor’ Category

Seattle’s PacMed Tower note to be sold

Wednesday, April 4th, 2012

A $20.5 million note secured by a leasehold interest of the PacMed building; the former headquarters for Amazon.com, sits atop Beacon Hill. The current mortgagee, Seattle-based developer Wright Runstad, defaulted on the loan last summer. In 1998, Wright Runstad & Company signed a 99-year agreement with PacMed Clinics to lease most of ... More

REO Monitor: Westgate City Center, Glendale, AZ

Tuesday, September 20th, 2011

Lender iStar Financial has foreclosed on Westgate City Center located in Glendale, Arizona, a suburb of Phoenix. According to a Wikipedia post: Ellman acquired Westgate in 2006 by swapping his ownership in the Coyotes for Jerry Moyes' ownership share of Westgate. Ellman had moved the Coyotes to Glendale in 2005 after ... More

REO Monitor: AT&T Tower, Jacksonville, FL

Tuesday, September 13th, 2011

Berkadia Commercial Mortgage has transferred the loan on AT&T Tower, located in downtown Jacksonville, Florida to CW Capital Asset Management for special servicing. This action was prompted by the expiration of CSX's lease at the property. Sunrise, Fla-based Elad National Properties purchased the 956,000 square foot property in 2004 for $90.9 ... More

REO Monitor: 700 17th Street, Denver, CO

Tuesday, September 6th, 2011

The Denver Business Journal has reported that US Bank has filed to foreclose on 700 17th Street, a 24-story office building located in downtown Denver, Colorado. The $17.6 million foreclosure has been filed against the property's current owner, Toma West. Toma West bought the property in 2006 for $27.25 million from ... More

REO Monitor: Glen Town Center, Chicago, IL

Wednesday, August 24th, 2011

After being unable to come to terms to restructure the $41 million loan on the property, "San Diego-based developer OliverMcMillan and a loan servicer are 'negotiating the terms of a cooperative sale" of the 267,000-square-foot retail property, according to a report on ChicagoRealEstateDaily.com. If the two sides reach an agreement, it’s ... More

REO Monitor: MetroWest, Naperville, IL

Friday, August 12th, 2011

Bixby Bridge Capital and Franklin Partners have joined forces to acquire 55 Shuman Boulevard, according to a report on ChicagoRealEstateDaily.com. A joint venture between Oak Brook-based Franklin Partners LLC and Northbrook-based Bixby Bridge Capital LLC has taken over MetroWest, a 205,000-square-foot building along the East-West Tollway known for its N-shaped sloping ... More

REO Monitor: The Equitable Building, Atlanta

Monday, July 11th, 2011

Berkadia Capital, through Atlanta's CB Richard Ellis Institutional Group has sold the Equitable Building in downtown Atlanta, Georgia. The Atlanta Journal-Constitution reports that Conconut Grove, Fla. based America's Capital Partners has acquired the building for $19 million, or 33% of the amount of the price Equastone paid for the property ... More

REO Monitor: MetroWest, Naperville, IL

Wednesday, June 15th, 2011

An affiliate of Allstate Life Insurance has filed to foreclose on the MetroWest office building, located at 55 Shuman Boulevard in Naperville, Illinois. Currently owned by General Investment & Development and Spaulding & Slye's $250 million Windsor Realty Fund IV, the property's $23 million first mortgage matured last month. The ... More

REO Monitor: Comerica Tower, Dallas, TX

Monday, May 16th, 2011

Fitch Ratings recently reported the transfer to special servicing of the $180 million first mortgage secured by the 1.6 million square foot, 60-story Comerica Tower located in downtown Dallas. Metropolitan Real Estate Investors bought the property in 2006 for $216 million, which appears to be an 8.3% cap on in place ... More

REO Monitor: One Superior Place, Chicago

Wednesday, May 11th, 2011

Hartz Mountain has acquired One Superior Place from Brookfield Asset Management. Way back in December 2009, Brookfield took over a 7-property, 3,900 unit portfolio from Stellar Management, of which One Superior Place was one. Stellar Management previously acquired One Superior Place for $218 million in August 2007 from Archstone and ... More