Investors looking to scoop up distressed retail assets during the coronavirus crisis appear to have a new opportunity in Northwest D.C. The Mazza Gallerie Mall at 5300 Wisconsin Ave. NW in Friendship Heights is being offered in an Aug. 28 substitute trustee’s sale scheduled by Alex Cooper Auctioneers on behalf of the property’s lenders, the Washington Business Journal reports.
Ashkenazy Acquisition Corp. acquired the property for $78M in 2017, and it secured $67.1M in loans along with the deal. The lenders, Annaly CRE Holdings LLC and Annaly CRE LLC, said the loans matured in January and Ashkenazy has failed to repay the debt, WBJ reported.
In June, Ashkenazy sought a restraining order on the foreclosure, arguing in court that it was protected by D.C.’s emergency order requiring lenders to grant deferrals on payments to borrowers who have been financially impacted by the pandemic. The owner says it has lost more than $533M in revenue at the property because of the restrictions D.C. placed in response to the coronavirus.
Click here to read the rest of the article written by Jon Banister over at Bis Now
