Overview
- CMBS trusts declined to sell Dallas’ Harwood Center at a planned foreclosure auction, opting to hold the asset instead.
- Trusts took title to 750 Lexington Avenue in Midtown Manhattan through a foreclosure, reflecting continued office distress management.
- Delinquency growth was fueled by late-paying loans, including large San Francisco hotel debt tied to the Hilton Union Square and Parc 55 that was reworked and extended.
- Lenders continued deploying capital, with Wells Fargo providing $190 million for the Ink Block and 7INK apartments in Boston and Goldman Sachs Private Bank issuing $360 million for a Four Seasons hotel-and-condo project in Jacksonville.
- Burlington Stores expanded by 35,629 square feet to roughly 206,392 square feet at 1400 Broadway in Manhattan, according to Colliers.