- A three-building office complex in Houston’s Energy Corridor that has faced a series of financial challenges in recent years has found a buyer following a receivership sale. The Houston Business Journal reported that LFFP, a consortium of Houston-based businessmen led by local investor Mohammed Ali Lakhany, paid an undisclosed amount to purchase the 570,045-square-foot Ashford Office Complex, whose $61-million loan has been in special servicing since August 2022. JLL handled the sale. A Harris County court appointed Trigild’s Chris Neilson as receiver in 2023.
- A sheriff’s auction for the recently renamed LaMalfa Centre Hotel & Suites in Mentor, OH ended one minute after it began, with a $4.4-million bid from an unidentified bidder, reported the Cleveland Business Journal. Lake County Common Pleas Court Judge John O’Donnell must accept the bid for the event center and hotel property at 5783 Heisley Rd. before the sale can be completed and its proceeds used to repay a $2.3-million mortgage loan, plus interest and penalties, as well as other liens.
- The stalled Sycamore Orlando Resort condominium-hotel development in Kissimmee is headed to auction, the Orlando Business Journal reported, citing a joint announcement from Fisher Auction Company and HREC Investment Advisors. The 378-unit, partially constructed project at 2691 Livingston Rd. will be auctioned April 30 at 11:00 a.m. The auction follows the Chapter 11 bankruptcy filing in August of last year by Orlando-based Primeland Real Estate Development LLC, the developer behind the project. Court filings indicate Primeland accrued approximately $41.7 million in debt on the venture.
- The Baltimore Business Journal reported that two large apartment towers once intended to lead the renaissance of a key downtown Baltimore block are headed to auction next month in foreclosure. The 27-story former hotel towers on Fayette and Baltimore that Vivo Living had planned to convert to about 550 apartment units will be sold together at noon on May 7 by Alex Cooper Auctioneers. The auction will take place in the lobby of 110 W. Baltimore St., once the Holiday Inn Baltimore Inner Harbor. The other property is at 101 W. Fayette St., the former Radisson Hotel Baltimore Downtown-Inner Harbor. As of late February, the properties were 37% leased, with 23 pending applications.
- The $755-million Innkeepers Portfolio loan (CLNY 2019-IKPR) has transferred to special servicing for maturity default, three months after the loan’s pending November 2024 maturity, Morningstar Credit said. The portfolio, collateralized by 47 hotels across 16 states at issuance, reported average occupancy of 69% as of December 2024 and a DSCR of 0.69x. A combination of lower-than-expected revenue and increased expenses have kept the net cash flow low.
- The La Quinta Hotel Portfolio ($342.6 million | LAQ 2023-LAQ) has transferred to special servicing ahead of its initial March 2025 maturity, and the…
Read More: Return to Lender: Week of April 17, 2025
