Return to Lender: Week of June 12, 2025

Tides on Cave Creek, a 206-unit apartment complex located at 12810 N. Cave Creek Road in Phoenix, sold at an auction on May 28 to lender Mack Real Estate Group for $61.2 million, according to Maricopa County documents. The Phoenix Business Journal said the sale marks the third multifamily apartment property that Los Angeles-based Tide Equities LLC has lost at auction in less than a year.

A Sunnyvale, CA office building that was in receivership for eight months was just sold to a real estate investment firm out of Irvine, according to the Silicon Valley Business Journal. LBA Realty bought the vacant 285 Sobrante Way for $42.3 million on Wednesday. The new property adds a fourth building to LBA’s quickly growing portfolio of Northern California office real estate. LBA acquired the building out of a receivership stemming from a default on a construction loan.

Two years after being seized by its lender in a foreclosure lawsuit, the Columbus on Fifth apartments in Miami’s Little Havana sold for $17.3 million, reported the South Florida Business Journal. Plantation-based COF Investment LLC, managed by Frank Escalante, sold the 72-unit apartment complex, at 514 S.W. 22nd Ave. to Columbus Apartments LLC, managed by Javier Sanchez in Miami. Coral Gables-based Banesco USA provided a $13.6-million mortgage to the buyer. COF seized the building in 2023 through an $18.77-million foreclosure judgment.

The Puget Sound Business Journal reported that one of the Martin Selig Real Estate parking lots placed into receivership has sold for $3.1 million. A limited liability company bought the 7,200-square-foot lot at 408 First Ave W. in Seattle. The company is affiliated with the wealth management company Clarius Group. Cushman & Wakefield’s Tim McKay, Dan Chhan and Matt Kemper represented the receiver in the sale of the property, one of seven parking lots the financially besieged Selig lost control of earlier this year.

The holders of debt on the 30-story Bank of America Plaza, located at 800 Market St. in St. Louis, plan a foreclosure sale. The St. Louis Business Journal reported that U.S. Bank Trust Co., on behalf of the debt holders, in 2023 brought suit against the owner of the tower, Los Angeles-based Positive Investments, alleging they hadn’t been paid. It’s now been in receivership since 2024. Positive defaulted on its $50-million loan on the property, originally made by Citigroup.

The Minneapolis/St. Paul Business Journal reported that MidWestOne Bank is suing to foreclose on the 8300 Tower within the Normandale Lake Office Park in Bloomington, MN over allegations the property’s owner defaulted on the loans taken out to secure the building. It is the fourth tower in the complex to face such a suit. MidWestOne argues the building’s controller defaulted on two loans totaling $34 million by failing to make payments on the loans, as well as failing to pay property taxes.