Lending & Foreclosure
Verified Update
Filed
ACORE Capital recorded a notice of default against developer GPI Companies in September 2026 over West End, a 235,000-square-foot creative office campus at 10730 West Pico Boulevard in West Los Angeles, built on the site of a shuttered Macy's at the former Westside Pavilion. The Real Deal reported the default on October 12, 2026, saying ACORE claims more than $80 million is owed; the campus, completed in 2022, reportedly remains entirely vacant.
More than $80M claimed owed; 2024 refinancing reported at $97.6M
Office
Why it matters: The default underscores how speculative creative-office conversions financed in the low-rate years before 2022 are colliding with a leasing market that has been slow to absorb new office product without a signed anchor tenant. Lenders and sponsors with similar vacant spec-office collateral nearing maturity should treat the case as a signal that lenders are moving to recorded defaults relatively quickly once a non-performing asset shows no credible near-term leasing path.
Oct 12, 2026
Los Angeles County, California (non-judicial trustee's sale)
Lending & Foreclosure
Verified Update
Filed
Travis Property Owner LLC, a single-asset real estate entity that owns The Travis apartment community at 900 Gordon Heights Lane in Lakewood Village, Texas, filed a Chapter 11 petition minutes after midnight on October 6, 2026. Law360 reported that the debtor listed more than $50 million in debt, and the petition puts both assets and liabilities in the $50 million to $100 million range. Acore Capital Mortgage, L.P. appeared as a creditor the same day (a 2022 trade report says ACORE Capital financed the property's purchase with a $73.4 million loan), and a cash collateral motion and request for an expedited hearing were docketed on October 8.
More than $50 million in debt; $73.4 million acquisition loan (2022)
Multifamily
Why it matters: The Travis is a 2021-vintage Class A suburban Dallas-area property bought in mid-2022 with short-term, interest-only acquisition debt, a financing profile that leaves little room when the loan term runs out. The case will test how much room a single-asset debtor has against its secured lender: SARE debtors face a 90-day deadline to file a confirmable plan or start paying interest, and the petition itself forecasts nothing for unsecured creditors. Lenders and owners holding similar short-term debt from 2021-2022 should watch the cash collateral terms and any stay-relief motion.
Oct 6, 2026
U.S. Bankruptcy Court, Northern District of Texas
Lending & Foreclosure
Verified Update
Settled
San Francisco lender ACORE Capital completed foreclosure on a defaulted $97.3 million loan against Industry SLC, a 230,000-square-foot adaptive-reuse office campus in Salt Lake City's Granary District, taking title by special warranty deed on March 9, 2026. ACORE has since partnered with Lincoln Property Company to reposition and expand the campus under a new name, Foundry43, with JLL leading leasing.
$97.3M loan default; $103.7M claimed owed in principal, interest and fees
Office
Why it matters: The case is a concluded, fully documented example of how a marquee adaptive-reuse project's construction-loan default actually resolves, from a specialized commercial court's complaint through a negotiated deed transfer to a lender-funded repositioning. It shows sophisticated CRE lenders increasingly choosing to take title and reinvest rather than force a contested auction sale when the underlying asset still has redevelopment upside.
Sep 24, 2026
Utah Business and Chancery Court
