Return to Lender: Week of March 19, 2026

The owner of a six-acre site in South Boston was the top bidder at a foreclosure auction on Tuesday, giving the entity a potential longer opportunity to develop the site, the Boston Business Journal reported. The entity, an affiliate of New York-based JT Magen & Co., submitted a bid of $75 million to retain ownership. It was the sole bidder. The JT Magen entity has worked with Extell Development of New York and HYM Investment Group on development plans, but nothing has been submitted to the city for formal permitting review. The site stands along Dorchester Avenue between the MBTA Red Line’s Broadway and Andrew stations.

Bexar County, TX records show that Sunrise Realty Trust and Southern Realty Trust have taken title to the Thompson San Antonio – Riverwalk hotel in San Antonio, Trepp reported, citing the San Antonio Business Journal. The property serves as collateral for about $40.6 million of debt, $26.4 million of which is held by Sunrise. DC Partners of Houston developed and owned the 162-room property at 115 Lexington Ave. Competition from nearby hotels hampered the owner’s ability to repay its debt.

A Fells Point warehouse and office space is the latest property in developer Brandon Chasen’s portfolio to hit the auction block, according to the Baltimore Business Journal. The foreclosure sale of 500 S. Bond St. will be held March 26 at 11 a.m. on the steps of the Clarence M. Mitchell Jr. Courthouse downtown, according to Alex Cooper Auctioneers, which is handling the sale. A deposit of $100,000 is required to bid, and there is no opening bid posted. The auction is the latest in a rapid sell-off of Chasen properties around town.

Mack Real Estate Group is seeking to offload debt backed by 301 Battery St. in San Francisco, putting the historic building itself in play. The San Francisco Business Times reported that CBRE is marketing a nonperforming $100-million loan backed by 301 Battery for sale. That pricing, if realized, would value the 208,000-square-foot 301 Battery, a 20th century building that was the home of the Federal Reserve Bank of San Francisco for six decades, in the low- to mid-$400-per-square-foot range. And it would recoup much of the $100 million that Mack’s lending arm originated for building owner RFR when it acquired 301 Battery for $143 million in February 2020.

The South Florida Business Journal reported that a Shell-branded gas station at 12000 S. Shore Blvd. in Wellington, FL could be seized in an $8.63-million foreclosure lawsuit. New York-based Stabilis Lending LLC filed a foreclosure complaint Feb. 12 against AW Petroleum, along with guarantors Abbas Jaferi and Guillermo Celia. The lender provided the $8.63 million mortgage in 2022, the year the borrower acquired the property for $11.75 million. According to the lawsuit, AW Petroleum went into default by not repaying the loan upon maturity in November 2024, and owes the full $8.63 million in principal, plus interest and fees.

The LIFE 2021-BMR Portfolio ($598.6 million | LIFE 2021-BMR) transferred to special servicing after failing to pay off at its March 2026 maturity date, reported Morningstar Credit. A 30-day forbearance has been granted to allow the borrower and servicer to finalize a multi-year loan extension. The loan was originally backed by 17 office/laboratory in Massachusetts and California. Eleven properties have been released over the loan term, paying the deal down by 70.2%.

Republic Plaza ($230.1 million | WFRBS 2013-C11 & WFRBS 2012-C10 | CMBX.6) has transferred to special servicing ahead of its March 2026 maturity date, reported Morningstar Credit. The 1.3-million-square-foot office tower in Denver was previously in special servicing after failing to pay off at its December 2022 maturity but was modified with a 39-month extension. Performance has continued to weaken since the modification

U.S. Steel Tower ($160.0 million | MSC 2021-L6, BANK 2021-BN35 & BANK 2021-BN34 | CMBX.15) moved to special servicing in advance of its June 2026 maturity date, Morningstar Credit reported. The loan is secured by a 2.3-million-square-foot office tower in the Pittsburgh, PA CBD. Performance had been strong, with the most recent full-year cash flow well above the underwritten level, and its 73% occupancy was identical to the level when the loan was issued.

Morningstar Credit reported that the National Warehouse & Distribution Portfolio ($152.6 million | BMARK 2023-B38, BANK 2023-5YR1 & BMARK 2023-V2 | CMBX.17) moved to special servicing following the bankruptcy of the sole tenant. CVB Inc., a mattress and bedding company, was the subject of an involuntary Chapter 7 bankruptcy petition by six suppliers in July 2025. CVB is the sole tenant in each of the five properties securing the subject loan, including the Nibley, UT property that serves as CVB’s headquarters. Additionally, it appears as though the Nibley location is being marketed for sale.

Panorama Corporate Center ($133.0M | GSMS 2016-GS2 & GSMS 2016-GS3 | CMBX.10) moved to special servicing after missing its February 2026 maturity. The loan, backed by a 781,000-square-foot office property in Centennial, CO, performed well throughout the term. However, Morningstar Credit reported that refinancing efforts may be hindered by near-term expirations for the two largest tenants.

The Frontier ($44.1 million | 9.9% of LNSTR 2017-5) moved to special servicing after missing its March 2026 maturity date. The loan is backed by a 91-unit multifamily property in Manhattan’s Murray Hill neighborhood and has struggled on cash flow over the past few years, despite maintaining occupancy exceeding 90%. The loan’s DSCR has remained around breakeven since 2021, and net cash flow in 2024 was 16.3% below the underwritten level, with both decreasing revenues and increasing expenses driving the drop.