Return to Lender: Week of Nov. 27, 2024

Houston-based Radom Capital, a real estate investment and development firm focused on mixed-use properties, has purchased out of foreclosure the retail portion of developer StoryBuilt’s Willa mixed-use condo development on South First Street in Austin, reported the Austin Business Journal. The purchase price wasn’t disclosed. Chris Bourne and Travis Brown of Guaranty Bank & Trust facilitated the transaction, with brokerage services provided by Doug Rauls and Chris Boyd of Colliers, Los Angeles-based Stapleton Group last year was appointed as receiver by the U.S. District Court of Travis County to fix StoryBuilt’s finances and the developer voluntarily entered into the receivership, which could last years.

The Baltimore Business Journal reported that a prominent downtown office tower has sold at auction for a fraction of what it went for in previous sales. The 28-story, Class A tower at 201 N. Charles St. sold for $2.55 million in a three-day online auction on Ten-X. The opening bid was just $750,000, and the final price didn’t meet the $4.1 million the building sold for at foreclosure in 2022. The buyer was not identified. The transaction, which includes the building but not the land, adds to downtown’s growing list of struggling properties as the vacancy rate is poised to hit 30% once T. Rowe Price leaves the CBD for Harbor Point.

The historic Heard Building in downtown Phoenix is in the hands of a new owner, according to the Phoenix Business Journal. The eight-story office high-rise went up for auction on Nov. 26 after the lender, SMS Financial VW LLC, filed a notice of trustee sale for the property earlier this year. The winning bid of $5.5 million came from the Chavez family, which currently manages a $140-million portfolio of assets across the Valley.

The Capital Markets division of JLL is marketing what it calls the “nonperforming loan” on One Oxford Centre, a one-million-square-foot office tower on Grant Street in downtown Pittsburgh, the Pittsburgh Business Times reported. The 54-story building was purchased by San Francisco-based investment firm Shorenstein for about $150 million in early 2016. The company still owes $93 million on the tower, which is now worth far less than it was at the time of purchase. JLL executive managing director John Pelusi and senior managing director and head of JLL’s Pittsburgh Capital Markets team Mark Popovich are handling the marketing.

A loan backed by 811 Wilshire in Los Angeles ($35.4 million | 10.7% of COMM 2014-UBS6) transferred to special servicing this month after missing its maturity, reported Morningstar Credit. The 336,000-square-foot office building had seen its occupancy fall below 50% as of June 2024, although Morningstar noted that Cushman & Wakefield’s leasing page for the property suggests a current occupancy closer to 60%.

Autumn Lakes ($30.2 million | 3.0% of BBCMS 2022-C15 | CMBX.16) transferred to the special…