Treasury par yields, Oct. 19 close (U.S. Treasury). SOFR, Oct. 19 (New York Fed).
This week: A 2024 CMBS trust says a $27.6M lien ranked ahead of its $46.85M Houston apartment loan and is suing the loan seller; a $745.7M hotel portfolio loan went to special servicing ahead of its December maturity.
A $46.85M CMBS loan, and a $27.6M lien the trust says came first
A 2024 CMBS loan on 700 Houston-area units. The trust says another lender was ahead of it.
The Pointe (Pasadena, TX) & Oak Shadows (Houston, TX) · Multifamily
- Properties
- 518 + 182 units · garden-style
- Loan
- $46.85M (2024) · 6.28% · IO
- Trusts
- BMO 2024-5C5 · BBCMS 2024-5C27
- Special servicer
- CWCapital
- Loan seller
- Starwood Mortgage Capital
- Next date
- Mar. 2027 title-claim trial
What happened. The trustee for BMO 2024-5C5 sued Starwood Mortgage Capital on Sept. 4 in New York state court, demanding that it buy back a $46.85M loan on two Harris County apartment complexes. Starwood moved the case to federal court in Manhattan on Oct. 9. The complaint alleges that a $27.6M deed of trust held by Thistle Creek Partners was already recorded ahead of the trust's lien, and that Thistle Creek foreclosed and wiped out the trust's security interest.
The rest of the Oct. 20 issue opens Dec. 19, 2026.
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Seven situations to track
- BankruptcyThe TravisLakewood Village, TX · Multifamily
- Foreclosure filed320 W. 31st St.New York, NY · Development site
- REOBrookdale Corporate Center I & IIBrooklyn Center, MN · Office
- Special servicingProject Prime21 states at issuance · Hotel portfolio
- Past maturityFashion Outlets of Niagara FallsNiagara Falls, NY · Outlet mall
- DefaultNorth First Commons (former eBay campus)San Jose, CA · Office
- DefaultWest End (10730 W. Pico Blvd.)Los Angeles, CA · Office