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DistressRadar

by DistressedAsset.com

No. 1 · Tuesday, July 21, 2026

10-yr Treasury4.60%−2 bp w/w
5-yr Treasury4.33%−4 bp w/w
SOFR3.57%−3 bp w/w

Treasury par yields, July 20 close (U.S. Treasury). SOFR, July 20 (New York Fed).

This week: Harborplace's $67.4M loan is back in special servicing ahead of its August maturity; a Deutsche Bank-led lender group filed a $357M default notice on Television City; and Maverick took the Gorham Building at 390 Fifth Ave. in a $50M foreclosure sale.

The File

Harborplace: a $67.4M loan, a $46.5M 2023 appraisal

Harborplace is back with the special servicer ahead of its August maturity.

301 Light St. & 201 E. Pratt St., Baltimore · Retail

$67.4MLoan balance
$46.5MAppraisal, June 2023
Owner
MCB Real Estate
Loan
$76.0M (2013) · 4.04%
Trust
UBS-BB 2013-C5
Special servicer
Midland
Size
148,404 sf · two pavilions
Next date
August maturity
Harborplace

What happened. The $67.4M loan on Baltimore's Inner Harbor pavilions moved to special servicer Midland Loan Services on July 14. According to a trade report, the reason is that it isn't expected to be repaid at its August maturity. This is the loan's second time in special servicing. The first transfer, in February 2019, led to a court receivership that May. MCB bought the property out of receivership in June 2023 and assumed the debt, which was split into a $56.5M A-note and a $10.9M B-note.

The numbers. The pavilions appraised at $108M when the loan was made in 2013 and at $46.5M at the 2023 assumption, a 56.9% drop.

The squeeze. The property doesn't cover its debt. Debt service coverage was -0.43x in 2023 and -0.10x in 2024, with occupancy at 59% and 65%, against 95% and 1.71x at origination. The loan was reported current, but $11.9M of deferred interest had built up by January 2026. MCB's plan is a $900M teardown and rebuild with demolition targeted for fall 2026. About $65M in state money is committed. No private financing has been announced.

What's next. The August maturity is the next marker, and so far nothing has been disclosed on an extension, a forbearance or a modification. The trust stopped reporting to the SEC in 2023.

Since thenSept. 17: the owner delayed demolition and said the pavilions would stay open through New Year's.
The Radar

Eight situations to track

CriticalHighWatchStable
  • Sale set
    75 West ApartmentsDallas, TX · Multifamily

    $90M loan against a $91M county tax assessment. Ares has posted the Blackstone-owned complex for a July 21 foreclosure auction.

  • Sale set
    Mason at HiveOakland, CA · Multifamily

    $39.7M loan matured unpaid in 2025, and the county assesses the building at about $36M. Trustee's sale set for July 28.

  • Sale held
    Hillsboro Beach ResortHillsboro Beach, FL · Hotel

    $40M foreclosure judgment on a $26M loan. No result has been reported yet from the July 16 auction.

    Since thenJuly 30: reporting confirmed the lender's $40,100 credit bid at the July 16 auction.
  • Receivership
    POP Denver ApartmentsDenver, CO · Multifamily

    $38.3M claimed owed. A judge appointed a receiver on July 10, the same day the lender sued.

  • Foreclosure filed
    South Florida Proton Therapy InstituteDelray Beach, FL · Medical

    $81.3M of 2017 bonds. The bond trustee filed a leasehold foreclosure on July 13 and is asking for a receiver.

  • REO
    The Royale retail condoNew York, NY · Retail

    $58.9M of loans against a $44.1M transfer value. MetLife took the retail and garage units by deed in lieu.

  • Default
    Television CityLos Angeles, CA · Studio

    A late-June notice of default claims $357M is owed. The Deutsche Bank-led lenders have hired CBRE to market the note.

  • Special servicing
    The Park at SaronnoHouston, TX · Multifamily

    $29.3M loan went to special servicing for payment default. Cash flow is 22% below underwriting and occupancy is down to 85%.

What happened

Manhattan. Maverick took the Gorham Building at 390 Fifth Ave. in a July 17 foreclosure sale at a $50M transfer value, after a judge denied the family owners' injunction in March.

Atlanta. Bank OZK took the 14-story 1050 Brickworks tower, which never had a tenant, by deed in lieu. It had an $85.5M construction loan.

Essex County, NJ. Four small apartment and mixed-use buildings in Orange and Newark went to a court-ordered receivership auction on July 14. Prices have not been published.

Dates to watch
Jul 28
Mason at Hive: trustee's sale, Alameda County
Aug
Harborplace: loan maturity, UBS-BB 2013-C5
Mid-Aug
Orange & Newark receivership sales: expected closings under 30-day auction terms
Fall
Harborplace: owner's targeted start of pavilion demolition

— The DistressedAsset.com editorial team

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