Related Fund Management and BentallGreenOak (BGO) are surrendering a Long Island City office complex they purchased in 2016 and renovated, after defaulting on a CMBS loan on the property.
The partners have agreed to a deed-in-lieu-of-foreclosure arrangement with BrightSpire Capital, a REIT holding a non-performing loan for The Point LIC, a two-building campus including the Paragon Building at 2100 49th Ave. and the Blanchard Building at 2109 Borden Ave.
BrightSpire will try to sell the non-performing loan, handing the keys to a purchaser. Related's asset management unit and BGO paid $104M for the two Long Island City buildings in 2016, and then spent about $45M renovating them.
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