Return to Lender: Week of Dec. 4, 2025

Barchart·12/04/2025 11:20:23

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William Macklowe Co. has bought the $46-million loan against 291 Broadway, a 133,000-square-foot, 95.8% occupied office building in the Tribeca section of Manhattan, giving the New York investor a path to take title to the collateral, Trepp reported. Flagstar Bank sold the loan through Newmark for slightly less than its balance. Its parent company, New York Community Bank, provided it in October 2019. Flagstar filed to foreclose against the loan in July.

Citing Green Street, Morningstar Credit reported that the loan backed by Bank of America Plaza ($400.0 million | Multiple Conduits | CMBX.8) may soon see a resolution. The Los Angeles office tower is being made available via either a loan sale or a property sale. The loan moved to special servicing in July 2024 ahead of its September 2024 maturity. The property, which was 67% occupied as of this past August, was most recently appraised for $212.5 million in December 2024, down from $605 million at issuance in 2014.

The Philadelphia Business Journal reported that Franklin Mall in Northeast Philadelphia, originally known as Franklin Mills and once billed as the world’s largest outlet mall, has been listed for sale. JLL is pitching it as a possible industrial development opportunity. A CMBS loan on the property, with a balance of $244 million, matured in June 2024, and owners Simon Property Group and Farallon Capital Management surrendered ownership of the property to the debtholders. OPEX CRE Management was appointed as receiver while special servicer Greystone Servicing Co. and the CMBS debtholders determined the next steps.

A mortgage trust is piecemealing a 250,000-square-foot office park in Mountain View, CA as the trust tries to recover missed mortgage payments. The Silicon Valley Business Journal reported that the mortgage trust, titled Benchmark 2019-B12, foreclosed in September on a $120-million loan secured by 10 office properties known as Terra Bella Tech Park. The properties were then transferred from the previous owner, Zappettini Capital, to a holding company the trust managed. Most recently, the trust split the properties into seven holding companies.

A downtown Austin, TX property with redevelopment potential that houses an IHOP will remain in Nate Paul’s World Class Holdings portfolio for the time being, due to a last-minute bankruptcy filing, the Austin Business Journal reported. The property was scheduled for a Dec. 2 foreclosure auction, but the owning entity, WC 707 Cesar Chavez LLC, prevented potential buyers from bidding on the property by filing a voluntary petition for Chapter 11 bankruptcy that day. The IHOP is among several World Class sites that have been scheduled for foreclosure auction in recent months.

A La Quinta Inn just west of West Palm Beach, FL could be seized in a $9.05-million foreclosure lawsuit, reported the South Florida Business Journal. Miami-based Ocean Bank filed the foreclosure complaint Nov. 25 over the 114-key hotel at 5981 Okeechobee Blvd. Ocean Bank provided a $9.7-million mortgage to Rore Asset 5981 LLC in 2022 with an interest rate fixed at 6.5% for five years. According to the complaint, the borrower defaulted by missing payments starting in August 2024, and owes $9.05 million in principal, plus interest and fees.

The CMBS loan on Ellenton Premium Outlets ($178.0 million | MSC 2016-UBS9, MSBAM 2016-C28 & MSC 2015-UBS8) is headed to special servicing, according to Morningstar Credit. The loan, backed by an outlet mall owned by Simon in Ellenton, FL, was scheduled to mature on Dec. 1.