- The Point Ruston parking garage and the Waterfront Market at Ruston building have been transferred to one of the project’s original lenders as part of a $91-million judgment. American United Resource Co. III (AURC III), an Oregon-based EB-5 lender, took legal ownership of the properties July 22 when the Pierce County Sheriff’s Office issued a deed formally transferring title. The Puget Sound Business Journal reported that there are no current plans to sell the properties.
- After Post Brothers spent years planning a major office-to-residential conversion in Washington, DC, the project is likely off the boards for now, according to the Philadelphia Business Journal. Lender AllianceBernstein LP cast the winning $20.1-million bid at a foreclosure auction last Thursday for the 300,000-square-foot building at 2100 M St. NW. It was the only bid at the auction, held at Alex Cooper Auctioneers’ DC office.
- The Baltimore Business Journal reported that four Fells Point properties linked to developer Brandon Chasen failed to sell at auction on Tuesday, despite bidding that hit $3.575 million. The properties at 523-531 S. Broadway went back to the undisclosed lender following a flurry of online bidding hosted by Alex Cooper Auctioneers. The buildings were owned by an entity of Chasen Cos., the high-profile local development firm run by Chasen, whose financial troubles have had a ripple effect on several prime properties in Baltimore for more than a year.
- Two of San Francisco’s largest hotels are on the verge of being sold, despite missing multiple sale deadlines, according to court filings. The San Francisco Chronicle reported that the 1,921-key Hilton Union Square, the city’s largest hotel, and the 1,024-key Parc 55 are expected to be sold to an unidentified buyer and a “purchase and sale agreement has been signed,” according to a San Francisco Superior Court filing. Both properties were previously owned by Park Hotels & Resorts, which defaulted on its $725-million mortgage on the properties in 2023. An. Oct. 29 sale date has been set.
- A DC Superior Court judge has approved a plan to sell an office-to-residential conversion project in Tenleytown after the project’s developer, an affiliate of Steve Schwat’s Urban Investment Partners, allegedly defaulted on a nearly $29-million loan backed by its stake the property at 4620 Wisconsin Ave. NW, The Washington Business Journal reported that Judge Tanya Jones Bosier issued an order Aug. 5 authorizing Marcus & Millichap to begin marketing the 146-unit conversion project, which UIP is calling the Broadcast. UIP picked up the property in 2016 as part of a larger acquisition from American University that also included the longtime home of National Public Radio affiliate WAMU.
- The lender for the $2-billion Ritz-Carlton Paradise Valley and The Palmeraie residential development has made plans to foreclose on the property amid a tense legal battle, the Phoenix…
Read More: Return to Lender: Week of August 14, 2025
