Return to Lender: Week of Feb. 13, 2025

Liberty Centre, a 17-story, 275,000-square-foot high-rise in Portland, OR’s Lloyd District, is for sale after returning to its lender in December, reported the Portland Business Journal. The property, at 650 N.E. Holladay St., was returned to its lender at the end of December through a deed in lieu of foreclosure. The property was transferred to grantee Liberty Centre JV LLC, an entity of asset management firm Barings.

DAOL Asset Management, which holds a $205-million mezzanine loan against the 511,208-square-foot 285 Madison Ave. office building in Midtown Manhattan, plans to take over the building through an April 15 Uniform Commercial Code foreclosure auction, Trepp reported. Newmark is marketing the property. The Korean investment manager had provided the financing, which sits behind what now is a $212.79-million senior loan that’s been in special servicing since last October. The loan initially matured in 2022 but was extended. The CMBS trust that holds the loan last December had filed to foreclose. RFR Holding purchased the property in 2012 for $189 million.

A partly constructed Chasen Cos. apartment tower in Harbor East will be auctioned in foreclosure next month, the Baltimore Business Journal reported. The Anne on Aliceanna at 1400 Aliceanna St. is set to be sold off at 11 a.m. on March 14 on the steps of the Clarence M. Mitchell III Courthouse in Baltimore, according to Atlantic Auctions, which is handling the sale. The auction comes a few months after a bank filed to foreclose on the property.

A Northwest D.C. hotel is slated to be sold at auction after its owner allegedly defaulted on a loan to acquire and renovate the Embassy Suites by Hilton Washington D.C. Chevy Chase Pavilion. The Washington Business Journal reported that Alex Cooper Auctioneers has scheduled a March 14 foreclosure sale for the 198-room property, located at 4300 Military Road NW by the Friendship Heights Metro station. The auctioneer was retained to sell the property by an affiliate of Los Angeles investment manager PCCP LLC. In a foreclosure notice, an attorney for PCCP claimed an affiliate of Philadelphia-based Arden Group defaulted on the $44.9-million loan it received from PCCP in connection with its January 2018 acquisition of the property, now with a balance of $37.1 million.

The lender in a foreclosure case surrounding one of downtown Cincinnati’s largest office towers, the 30-story Center at 600 Vine, has asked to begin the sale process after a judge issued a final ruling against the building’s owner last month. The Cincinnati Business Courier reported that Wells Fargo Bank National Association, acting as trustee for the holders of two outstanding mortgage notes totaling $48.2 million, filed suit in November 2023 against Sherman Oaks, CA-based Hertz Investment Group, which acquired the office tower in 2006 through a limited liability company.