Return to Lender: Week of June 26, 2025

New York Life Real Estate Investors closed its bid for debt tied to 353 Sacramento St., betting on another San Francisco office property as the city’s post-pandemic recovery continues, reported the San Francisco Business Times. NYLREI, the real estate arm of New York Life, and its partner, Lincoln Property Co., acquired a $101.6-million loan backed by the 284,751-square-foot 353 Sacramento for around $62 million. Newmark represented both the buyer and seller in the deal, which positions NYLREI and Lincoln to take ownership of the property itself.

Across the bay from San Francisco, Oakland-based developer oWow handed an apartment building in West Oakland back to its lender, the San Francisco Business Times reported. UC Funds has acquired oWow’s apartment building at 1919 Market St. via a deed in lieu of foreclosure. There was more than $50 million in debt on the 102-unit property at the time of the June 23 deed in lieu.

The Philadelphia Business Journal reported that a parking garage in Philadelphia’s Old City has sold for $25.25 million, the third property in the area sold by a lender after taking possession of a portfolio in late 2023. Clearwater, FL-based Sunrise Capital Investors purchased the Bourse garage, a 469-spot parking garage at 400 Ranstead St., from KKR Real Estate Finance Trust Inc. The mortgage REIT took control of the garage and three other properties from MRP Realty through a deed in lieu of foreclosure. It was previously owned by Washington, DC-based MRP Realty.

In Philadelphia’s New Jersey suburbs, the distressed Moorestown Corporate Center has sold for $17.6 million, the Philadelphia Business Journal reported. An affiliate of Melrose Solomon Enterprises bought the three-building South Jersey complex from West Conshohocken, PA-based Keystone. The sale ends three years of uncertainty around the 222,888-square-foot Moorestown Corporate Center since multiple tranches of a $27.5-million CMB loan on the property matured.

A Northwest DC multifamily building bought by its lender in a foreclosure sale last year has been sold, reported the Washington Business Journal. A joint venture comprising July Residential Group and Matador Capital Management acquired the four-story Arbor at Takoma, at 218 Cedar St. NW, for $13.35 million last week. Feldman Ruel brokered the sale on behalf of seller Willard Holdings VI LLC, an affiliate of Chevy Chase’s Forbright Bank. The 36-unit building delivered in March 2024, but just seven months later a Forbright affiliate acquired the property at a foreclosure auction for $12.4 million.

Hilco Real Estate Sales announced July 22, 2025, as the qualifying bid deadline for the 0.86± AC, fully entitled development parcel located at 16300 NE 19th Ave in North Miami Beach. The Chapter 11 bankruptcy sale, Petition No: 1:25-bk-11136-LMI | In re: Sky Gardens Residences, LLC, is subject to approval by the United States Bankruptcy Court for the Southern…