Lending & Foreclosure
Verified Update
Filed
Deutsche Bank plans to foreclose on a vacant former eBay campus in North San Jose after its owners defaulted on an $88.1 million loan now at $98.4 million; Morningstar values it at roughly $54.7 million.
A 250,100-square-foot, four-building North San Jose office campus once occupied by eBay is heading toward foreclosure after owners Ocean West Capital Partners and Hana Asset Management defaulted on an $88.1 million loan from Deutsche Bank AG, which filed an initial notice of default in July 2026. The Real Deal and Hoodline reported October 15 and 17, 2026 that the unpaid balance has grown to $98.4 million and that Deutsche Bank plans a full foreclosure; the owners bought the vacant campus for $132.5 million in 2018, and Morningstar now values it at roughly $54.7 million.
$88.1M loan; unpaid balance grown to $98.4M as of October 2026
Office
Why it matters: The nearly 59% decline in appraised value since the 2018 purchase, against an unpaid loan balance now approaching double that appraisal, illustrates why lenders on underwater, income-less office collateral increasingly choose to foreclose rather than restructure. Prospective buyers already circling the asset ahead of a completed foreclosure should distinguish carefully between acquiring the loan, buying REO from the lender, or taking a negotiated deed-in-lieu, since each carries different risk.
Oct 15, 2026
Santa Clara County, California (non-judicial trustee's sale)
Lending & Foreclosure
Verified Update
Filed
Deutsche Bank, as CMBS trustee, sued to foreclose on the roughly 750,000-square-foot Pembroke Pines, Florida mall owned by Brookfield's BGRE platform after the $260 million loan matured unpaid, and seeks a receiver.
Deutsche Bank National Trust Company, as trustee for the GSMS 2013-PEMB CMBS trust, sued Pembroke Lakes Mall LLC in Broward County Circuit Court to foreclose on the roughly 750,000-square-foot Pembroke Pines, Florida mall owned by Brookfield's BGRE platform, after the $260 million loan matured unpaid on March 1, 2025. Deutsche Bank says the borrower now owes approximately $263.8 million as of September 1, 2026, and is separately asking the court to immediately appoint Carmen Spinoso of Spinoso Real Estate Group as receiver over the property.
$263.8M owed (principal, interest, and default interest) on a $260M loan
Retail
Why it matters: The mall's April 2026 appraisal of $112 million, down 73% from its $427 million value at the loan's 2013 closing, left the lender severely undersecured once a three-year extension request was denied -- illustrating how special servicers are moving quickly to foreclosure and receivership, rather than continued forbearance, once a valuation gap of this size is documented on legacy retail CMBS debt nationally.
Oct 8, 2026
Circuit Court of the 17th Judicial Circuit, Broward County, Florida
Lending & Foreclosure
Verified Update
Filed
Acres Loan Origination sued to foreclose on the Auden Buffalo student housing community in Amherst, where $32.5 million in construction loans to a DMG Investments affiliate matured unpaid.
Acres Loan Origination LLC, an affiliate of commercial mortgage lender Acres Capital, filed a foreclosure complaint in New York state Supreme Court against the Auden Buffalo student housing community at 2915-2949 N. Forest Road in Amherst, alleging that two construction loans totaling $32.5 million made in early 2021 to an affiliate of developer DMG Investments matured in January 2024 with the entire principal still unpaid. The filing came within days of a separate foreclosure action against another DMG affiliate, Air Buffalo, a 154-unit luxury apartment building roughly a mile away on Sweet Home Road, brought by a lender group represented by Deutsche Bank National Trust Co. over an approximately $18 million loan that likewise matured unpaid in January 2024.
$32.5M construction loan (Auden Buffalo); ~$18M loan at issue in the related Air Buffalo foreclosure
Why it matters: Two unrelated lender groups moving against the same New York City-based sponsor's Buffalo-area portfolio within days of each other signals that a single developer's post-maturity refinancing gap can cascade across multiple, separately financed assets rather than staying contained to one property. For construction and bridge lenders on purpose-built student and multifamily housing near university markets, the matters underscore the value of monitoring a sponsor's full regional loan book — not just the collateral securing any one loan — once a maturity default surfaces on a related asset.
Aug 13, 2026
Erie County Supreme Court, New York
Lending & Foreclosure
Verified Update
Pending
Receiver Hilco Global now controls Worldwide Plaza, with Cushman & Wakefield replacing SL Green as manager, as a $940 million CMBS foreclosure on the 1.8-million-square-foot Manhattan tower proceeds.
Under a court-approved transition effective July 1, Cushman & Wakefield replaced SL Green Realty Corp. as day-to-day manager of Worldwide Plaza, the 1.8-million-square-foot Manhattan office tower, ceding control to receiver Hilco Global while a $940 million CMBS foreclosure filed by Goldman Sachs, Deutsche Bank and the loan's trustee proceeds in New York County Supreme Court. A parallel fight over the property's mezzanine debt, in which Extell Development's Gary Barnett is pursuing a UCC Article 9 foreclosure sale, remains on appeal after Justice Andrea Masley denied SL Green and RXR's bid to enjoin the sale.
$940M senior loan (Goldman Sachs/Deutsche Bank, Series 2017-WWP); bondholders estimated to face losses up to $488M
Why it matters: Illustrates how quickly a sponsor can lose operational control of a trophy asset once senior lenders secure a receiver, even before any foreclosure sale occurs, and how competing senior and mezzanine creditors can pursue simultaneous, adversarial remedies against the same building on different timelines and legal standards. Owners and lenders across the distressed office sector should treat the case as a template for how receivership and UCC foreclosure tracks can fracture control of a single asset across parallel proceedings.
Jul 1, 2026
Supreme Court of the State of New York, New York County
Lending & Foreclosure
Verified Update
Pending
Deutsche Bank, as CMBS trustee, sued the owner of the Foshay Tower, home of the 229-room W Minneapolis hotel, over a $51 million mortgage left unpaid at its May 2025 maturity, and seeks a court-appointed receiver.
Deutsche Bank, acting as trustee for CMBS bondholders, sued the Foshay Tower's owner, WMN Foshay LP, in Hennepin County District Court in early-to-mid April 2026, alleging the 32-story Art Deco landmark's owner failed to pay off its $51 million mortgage by its May 2025 maturity date and now owes roughly $43 million in unpaid principal, interest, and fees. The suit seeks a court-appointed receiver for the building, which houses the 229-room W Minneapolis hotel along with Manny's Steakhouse, Prohibition Bar, and The Living Room lounge.
$51M mortgage; ~$43M sought
Why it matters: A recurring-distress case study: the same building lost its prior owner, Ashford Hospitality Trust, to a 2020 default on the same fundamental problem -- hospitality-anchored CRE debt that assumes room-rate and occupancy levels the underlying market no longer supports. Lenders and buyers evaluating hotel-anchored office/mixed-use towers should treat a building's own default history as a first-order underwriting signal independent of the current owner's specific financial condition, since the underlying asset economics that caused the prior default may not have actually changed.
Apr 14, 2026
Hennepin County District Court, Minnesota
