Return to Lender: Week of July 24, 2025

O’Connor Capital Partners, a longstanding investor in Polaris Fashion Place, has taken 100% ownership and operational control of the retail, restaurant and entertainment complex at 1500 Polaris Pkwy in Columbus, OH. Terms were not disclosed. Columbus Business First reported that the change in ownership comes amid the recent struggles of former Polaris owner Washington Prime Group. The Columbus-based real estate firm, which emerged from bankruptcy in late 2021, said in April that it would eliminate 139 jobs at its headquarters.

The Oregonian reported that a 35-story high-rise that brought the Ritz-Carlton brand to Portland, OR has gone back to the lender, as Ready Capital has taken possession of Block 216. Terms were not disclosed. All parts of the mixed-use building, including offices and Ritz-Carlton-branded hotel rooms and residences, will continue to operate as normal, the company said.

D.C. Strategic Value Property Investor I LLC, an affiliate of New York’s Farm View Ventures, has filed a foreclosure affidavit for 1325 G St. NW, a 10-story, 305,259-square-foot office two blocks from the White House and owned by an affiliate of Westbrook Partners, the Washington Business Journal reported. The loan, previously held by U.S. National Bank Association, was assigned in June to Farm View. The Westbrook affiliate acquired 1325 G, built in 1969 and renovated in 2017, for $175 million in 2019. A $112-million nonperforming loan on the property hit the market earlier this year.

One of downtown Cincinnati’s largest apartment buildings, an office-to-residential conversion project, faces a foreclosure lawsuit, the Cincinnati Business Courier reported. ACREC 2021-FL1 Ltd., the current holder of a $71-million mortgage loan on City Club Apartments CBD Cincinnati, filed a foreclosure complaint in Hamilton County Common Pleas Court against Jonathan Holtzman, founder and CEO of Detroit-based City Club Apartments, and the holding company that owns the downtown apartment complex, CCA CBD Cincinnati LLC, of which Holtzman is the managing member.

The Park Central Hotel on Ocean Drive in Miami Beach could be seized in a $69.11-million foreclosure lawsuit, according to the South Florida Business Journal. Park Central Lender LLC filed a foreclosure complaint July 17 against CGI 640 Ocean Management, with CGI Hospitality Opportunity Fund I LLC as the guarantor. CGI 640 Ocean Management acquired the property for $81.45 million and obtained a $71.11-million loan from Deutsche Bank. The loan was assigned to Park Central Lender this past February. According to the lawsuit, the loan matured on March 15, 2023, and the borrower owes $69.11 million in principal, plus interest and fees.

The Silicon Valley Business Journal reported that the owner of a long-vacant property in downtown San Jose recently filed for bankruptcy. Full Standard Properties, LLC, which owns the former Greyhound Station site at 60 and 70 S. Almaden…