Lending & Foreclosure
Verified Update
Pending
U.S. Bank and Wells Fargo seek to foreclose on Wilmorite's Eastview Mall over a $210 million CMBS loan and call the Town of Victor's eminent domain plan for the parcels a 'debt evasion scheme.'
U.S. Bank National Association and Wells Fargo Bank, through special servicer Rialto Capital Advisors, filed a foreclosure action on September 8 against Eastview Mall owner Wilmorite in New York County Supreme Court after a $210 million CMBS loan went unpaid at its final extended maturity date. Days before a September 28 public hearing on a Town of Victor plan to acquire mortgaged mall parcels by eminent domain and convey them to a Wilmorite-affiliated entity, lenders' counsel filed objections calling the plan a 'debt evasion scheme' meant to strip their collateral out from under the pending foreclosure.
$210 million CMBS mortgage in default
Retail
Why it matters: The dispute tests whether a municipality can use eminent domain to help a defaulted borrower retain a property ahead of foreclosure, a maneuver that — if it succeeds — would give distressed CRE borrowers with cooperative local governments a novel way to defeat lender remedies. CMBS special servicers negotiating extensions with borrowers who have close ties to local officials should watch for this kind of parallel municipal action.
Sep 25, 2026
Supreme Court of the State of New York, New York County
Lending & Foreclosure
Verified Update
Pending
A Woods Capital and Pacific Elm partnership faces an October 6, 2026 foreclosure auction of 2100 Ross Avenue, a 33-story Dallas office tower now in receivership and roughly 53% occupied.
A partnership affiliated with Woods Capital and Pacific Elm Properties is facing a foreclosure auction, scheduled for October 6, 2026, on 2100 Ross Avenue, a 33-story, 840,000-square-foot downtown Dallas office tower, after defaulting on a Wells Fargo-originated loan that Fitch Ratings classified as a nonperforming matured balloon loan. A Dallas County court has already appointed Trigild IVL as receiver to manage the property, which was roughly 53% occupied after anchor tenant CBRE relocated to Uptown Dallas.
$98 million original loan; reported as a $79 million nonperforming matured balloon balance
Office
Why it matters: The case is a further data point in the office-sector debt overhang working through Dallas's CBD, where aging towers that have lost anchor tenants to newer Uptown product are increasingly unable to refinance maturing loans on their original terms, pushing lenders toward receivership and foreclosure rather than further extensions.
Sep 24, 2026
Dallas County, Texas
Lending & Foreclosure
Verified Update
Filed
Wells Fargo scheduled an October 20, 2026 foreclosure auction of Rockpoint's 100 Summer Street, a 72% leased Boston office tower bought for $806 million against a $470 million mortgage.
Wells Fargo has scheduled an October 20, 2026 foreclosure auction for 100 Summer Street, a 32-story, roughly 1.3-million-square-foot Boston Financial District office tower owned by Rockpoint Group, per an auction notice from Sullivan & Sullivan Auctioneers reported by the Boston Globe, The Real Deal, and Banker & Tradesman. Rockpoint paid $806 million for the tower in 2019 against a $470 million Wells Fargo mortgage; the building, now 72% leased, carries a current municipal assessment of roughly $425 million.
$470M mortgage; tower purchased for $806M in 2019, now assessed at ~$425M
Office
Why it matters: Described by market participants as the largest Boston office foreclosure auction in over a decade, the sale will produce a real, arm's-length transaction price for a large, partially-leased class-A gateway-city tower — a data point that appraisers, special servicers, and borrowers negotiating comparable office-loan workouts nationwide will immediately cite. It also shows that even a conservative roughly 58% loan-to-value structure at origination is no protection against a maturity or valuation-driven default once a market repricing is severe enough.
Sep 23, 2026
Suffolk County, Massachusetts (non-judicial foreclosure by power of sale)
Lending & Foreclosure
Verified Update
Filed
Wells Fargo, as CMBS trustee, filed a Minnesota foreclosure against Workspace Property Trust affiliates in a multistate effort on a $1.28B loan backing a four-state office and industrial portfolio.
Wells Fargo Bank, N.A., as trustee for the CMBS trust holding the debt, filed a new foreclosure complaint this month in Hennepin County District Court, Minnesota against Workspace Property Trust affiliates, part of a coordinated multistate foreclosure effort that also includes an Arizona action filed in September 2025 and reported parallel filings in Florida and Pennsylvania. The $1.28B loan, originated in 2018 against a roughly 10-million-square-foot, four-state office and industrial portfolio, transferred to special servicing in May 2023 as occupancy fell from about 89% to roughly 75% and collateral value dropped from $1.63B to about $1.24B. Trigild was appointed receiver over the full portfolio following the Arizona filing.
$1.23B unpaid principal, plus accrued interest, special servicer fees, and attorneys' fees, on a $1.28B original CMBS loan
Why it matters: Shows a special servicer moving from a two-year workout into simultaneous, jurisdiction-by-jurisdiction foreclosure once loan-to-value flips underwater and occupancy keeps sliding, using an early receivership filing in one state to seize practical control of an entire multistate portfolio before any foreclosure sale closes elsewhere. Sponsors and asset managers negotiating extensions on aging office CMBS loans should treat a stalled workout, not just a missed maturity payment, as a trigger special servicers now read as a signal to litigate rather than keep extending.
Aug 25, 2026
Hennepin County District Court, Minnesota (lead filing); parallel foreclosure actions in Maricopa County Superior Court, Arizona, and state courts in Florida and Pennsylvania
Lending & Foreclosure
Verified Update
Filed
Foreclosure notices were filed over a roughly $59 million unpaid loan balance on Colorado Springs' two tallest buildings, the Wells Fargo Tower and FirstBank Building at Palmer Center.
El Paso County Public Trustee's Office records show foreclosure notices filed against RPalmer LLC, Overland Palmer LLC, and Palmer Center Owner LLC — Delaware entities controlled by California-based real estate investment and management companies — over a loan with an unpaid principal balance of roughly $59 million against an original $74 million facility. The filings cover downtown Colorado Springs' two tallest buildings, the Wells Fargo Tower and FirstBank Building at the Palmer Center complex, plus several ancillary business-suite properties reachable through either tower.
~$59M unpaid principal balance on an original $74M loan
Why it matters: A marquee, long-tenured downtown office complex defaulting on debt service — rather than a commodity suburban asset — signals that post-pandemic office distress has moved beyond the most obviously troubled properties. Owners, lenders, and asset managers with loans maturing in secondary downtown markets should treat trophy status and blue-chip anchor tenancies as no longer sufficient on their own to guarantee refinancing in the current rate environment.
Aug 25, 2026
El Paso County Public Trustee, Colorado (non-judicial foreclosure)
Lending & Foreclosure
Verified Update
Ruling Issued
A federal judge ordered the $70 million receivership sale of Centre Square, Philadelphia's largest office complex, to close by October 16, overriding objections and the buyer's attempt to back out.
Judge Nitza I. Quiñones Alejandro ordered the $70 million sale of Centre Square, Philadelphia's largest office complex, to close by October 16, overriding both rival bidders' objections and the winning buyer's own attempt to walk away from its contract. The ruling caps nearly two years of receivership following Wells Fargo's January 2023 CMBS foreclosure filing against owners Nightingale Properties and InterVest Capital Partners.
$70M court-ordered sale (roughly 21% of the $328M Nightingale/InterVest paid in 2017); against $390M CMBS loan, appraised at $471M in 2019 and $223.5M by September 2024
Why it matters: Shows that a federal court overseeing a CMBS receivership will use its equitable authority to compel a reluctant winning bidder to close, not just to bind a defaulting borrower or reject a disappointed runner-up. Lenders, receivers, and bidders on distressed office assets should treat a court-approved receivership sale contract, once a nonrefundable deposit is posted, as functionally enforceable against a change of heart on either side.
Aug 17, 2026
U.S. District Court, Eastern District of Pennsylvania
Lending & Foreclosure
Verified Update
Ruling Issued
A judge approved the sale of Hughes Center, a 68-acre Las Vegas office and retail campus, to Borden Industries on July 28, 2026, ending a receivership after a Blackstone affiliate defaulted on a $325 million CMBS loan.
Eighth Judicial District Court Judge Maria Gall approved the sale of Hughes Center, a 68-acre, 1.4-million-square-foot Las Vegas office and retail campus, to Borden Industries on July 28, 2026, closing out a roughly two-year court-ordered receivership. The receivership began after a Blackstone-affiliated ownership entity defaulted on a $325 million CMBS loan and Wells Fargo, acting as trustee for the loan's noteholders, moved to have Logic Commercial Real Estate appointed receiver.
$325M defaulted CMBS loan; sale price to Borden Industries withheld from public filings
Why it matters: Shows a full CMBS special-servicing-to-receivership-to-sale cycle for a large mixed-use office asset undermined by tenant migration to newer submarkets, and confirms that Nevada courts will seal receivership sale pricing from public dockets on a proper showing. Special servicers and receivers handling distressed office campuses with a healthier retail component should study the marketing approach here as a template for finding buyers outside the traditional office-investor pool.
Jul 28, 2026
Eighth Judicial District Court, Clark County, Nevada
Lending & Foreclosure
Verified Update
Filed
CommunityAmerica Federal Credit Union filed two foreclosure suits seeking roughly $46M on the Metropoint 300 and 400 office buildings in St. Louis Park, Minnesota after anchor Wells Fargo left.
CommunityAmerica Federal Credit Union filed two foreclosure lawsuits in Hennepin County District Court against the owners of the Metropoint 300 and Metropoint 400 office buildings in St. Louis Park, Minnesota, seeking to recover roughly $46M after the 918,000-square-foot campus lost anchor tenant Wells Fargo, which had occupied more than half the complex. Both buildings are now scheduled for a foreclosure auction in September 2026.
$46M combined loan balance (two foreclosure suits)
Why it matters: One of several office foreclosure actions filed nationally this summer (alongside a $417.7M foreclosure on Boca Raton's Mandarin Oriental Residences and a court-ordered receivership over San Francisco's Central Tower) signaling lenders are moving from forbearance to litigation more quickly as anchor-tenant departures and depressed appraisals erode office collateral value. Owners with looming lease rollovers near loan maturity should treat these filings as an early-warning benchmark for lender posture.
Jul 23, 2026
Hennepin County District Court, Minnesota
Lending & Foreclosure
Verified Update
Filed
Wells Fargo, as CMBS trustee, sued to foreclose a $240 million loan on 181 West Madison, a 50-story Chicago Loop office tower, and seeks a receiver after anchor Northern Trust downsized.
Wells Fargo Bank, N.A., as trustee for the J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP and acting through special servicer Situs Holdings, LLC, filed a foreclosure suit against the borrower entity behind 181 West Madison Street, a 50-story Chicago Loop office tower, over a $240 million loan, coupling the complaint with a motion to appoint Hilco Real Estate's Matthew Mason as receiver. The borrower is wholly owned by Bermuda-based SinOceanic I Limited, which took ownership in 2023 out of prior landlord HNA Group's bankruptcy; the default follows a downsized lease renewal by anchor tenant Northern Trust and reports of unpaid utility bills and vendors.
$240 million loan; foreclosure suit seeks approximately $223 million in outstanding principal and interest
Why it matters: Illustrates how quickly a single anchor tenant's downsized renewal can push a stabilized-looking office asset into default, and how special servicers are now bundling receivership requests directly into foreclosure complaints to secure operational control of distressed towers well before any final judgment.
Mar 27, 2026
U.S. District Court, Northern District of Illinois (Eastern Division)
