Return to Lender: Week of Dec. 12, 2024

LoanCore Capital took ownership of a 17-story downtown Denver office building, 1801 Broadway, from Chicago-based coworking firm Expansive following an auction late last month, reported the Denver Business Journal. LoanCore acquired the building for $34.6 million, which was the outstanding principal balance on a $35.4 million loan issued to Expansive when it purchased the property in 2019. The loan matured in April 2023 and went into default. Expansive, formerly known as Novel Coworking, spent $40.2 million buying the 1980s-era office property.

A longtime Baltimore County country club has sold at a foreclosure auction just months after closing its doors, according to the Baltimore Business Journal. Phoenix’s Hillendale Country Club sold on Wednesday for $3.05 million on the steps of the Circuit Court for Baltimore County. The nearly 150-acre club was sold to an anonymous buyer represented by Mayer Guttman, an attorney with Levin Gann PA in Towson, MD. The club closed in September and went to foreclosure auction after a last-minute deal to sell to a member fell through.

New York developer TF Cornerstone will likely convert the office portion of the historic Wanamaker building in Philadelphia to residential after its foreclosure on the property is complete, the Philadelphia Business Journal reported. Foreclosure proceedings for the 1.4-million-square-foot Center City building are set to move forward early next year. TF Cornerstone acquired a majority of the debt on the office portion of the 114-year-old Wanamaker earlier this year. The firm already owns the 435,000-square-foot retail space that houses a Macy’s department store on the first three floors of the Wanamaker.

The San Francisco Business Times reported that lenders are circling a troubled Jackson Square commercial building that remains on the market after a pending sale fell through last month. Wilmington Trust, acting as a representative for lenders, served Roth Jackson LLC a notice of default for a $13.6-million loan backed by 244 Jackson St. in early December. The notice indicates Roth Jackson failed to pay off the loan when it matured in July.

Morningstar Credit reported that December remittance data shows that the Workspace Property Trust Portfolio securitization ($1.23 billion | JPMCC 2018-WPT & Multiple Conduits | CMBX.12) has transferred to special servicing for imminent default. Occupancy across the portfolio was last reported at 76% in June 2024, down from 95% at issuance. The collateral includes 85 office properties, 59 flex properties and one retail property across four states. The loan was originally set to mature in July 2023 but was granted a two-year extension.