Treasury par yields, Nov. 2 close (U.S. Treasury). SOFR, Nov. 2 (New York Fed).
This week: The lender took back Herndon's Worldgate Centre with a $28.2M credit bid against about $50M owed; a bondholder trustee sued to foreclose on Chicago's 540 W. Madison over $310M; and The Essex's $215M debt stack entered special servicing ahead of its Oct. 30 maturity.
Worldgate Centre: a $28.2M bid against about $50M owed
Worldgate Centre went back to its lender for $28.2M. About $50M was owed.
Worldgate Drive & Centreville Road, Herndon, VA · Retail
- Borrower
- Rappaport affiliate
- Loan
- $65.0M (2014) · 4.74%
- Trust
- WFRBS 2014-C20
- Special servicer
- Rialto
- Size
- 229,326 sf · built 1990
- Next date
- Trustee's accounting, by late April 2027
What happened. On Oct. 26, the substitute trustee won Worldgate Centre with a $28.2M credit bid at a foreclosure auction outside the Fairfax County Circuit Court. He bid for the center's largest secured creditor. Bidding opened at $15M, and six groups posted deposits. The $65M loan, made in 2014 and held in WFRBS 2014-C20, matured in May 2024 without being repaid.
The rest of the Nov. 3 issue opens Jan. 2, 2027.
Issues open here in full 60 days after they come out. Subscribe free and you get every issue the morning it is published, Tuesdays at 9:00 AM Eastern.
Eight situations to track
- Foreclosure suit540 West MadisonChicago, IL · Office
- ReceivershipKaufman Astoria StudiosQueens, NY · Studio
- REO19 West 55th StreetNew York, NY · Multifamily
- Foreclosure suit400 North State StreetChicago, IL · Retail
- Special servicingBlackjack PortfolioMulti-state · Multifamily
- Special servicingThe EssexNew York, NY · Multifamily/retail
- Special servicingExecutive Towers WestDowners Grove, IL · Office
- Alleged defaultFalcon Crest ApartmentsAugusta, GA · Multifamily