Distress Radar · Free weekly briefing
Which commercial buildings are in trouble this week, and what happens next.
Distress Radar is the weekly briefing on troubled commercial real estate debt in the U.S. Defaults, special servicing, foreclosure suits, receiverships and auctions, with the numbers from the record. A five-minute read, every Tuesday at 9:00 AM Eastern.
This week’s lead situation
Worldgate Centre went back to its lender for $28.2M. About $50M was owed.
Worldgate Drive & Centreville Road, Herndon, VA · Retail
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.
Four parts, the same order every week
You always know where to look. No market commentary, no predictions. Just what was filed, what it says and what comes next.
- 01
The File
One situation taken apart: the loan, the collateral, the latest appraisal, who is on each side, and the next date on the calendar.
- 02
The Radar
Five to eight more worth tracking, each tagged by stage. Special servicing, default, foreclosure suit, receivership, sale set, REO.
- 03
What happened
Outcomes on situations from earlier issues. Who won the auction, what the bid was, what the lender did next.
- 04
Dates to watch
Auctions, maturities, hearings and remittance reports coming up, so nothing on your list sneaks past.
Recent issues
- No. 16Nov. 3, 2026Worldgate Centre: a $28.2M bid against about $50M owedOpens Jan. 2
- No. 15Oct. 27, 2026Illinois Center: $285.7M of debt on a $66M appraisalOpens Dec. 26
- No. 14Oct. 20, 2026A $46.85M CMBS loan, and a $27.6M lien the trust says came firstOpens Dec. 19
- No. 13Oct. 13, 2026Pembroke Lakes Mall: $260M loan on $111.8M of collateralOpens Dec. 12
- No. 12Oct. 6, 20262100 Ross: $79M unpaid, posted for auction todayOpens Dec. 5
- No. 11Sept. 29, 2026100 Summer St.: an $806M Boston tower heads to auctionOpens Nov. 28
Written for people who work on these deals
- Special servicers and asset managersSee how other workouts are being resolved, and at what number.
- Lenders, note buyers and debt fundsTrack balances, appraisals and sale dates before the tape does.
- Brokers, receivers and appraisersKnow which buildings are about to need one of you.
- Buyers of distressed propertyAuction dates and REO, with the debt stack attached.
- Workout and foreclosure attorneysSuits, receiverships and rulings in one place.
Before you subscribe
Is it free?
Yes. Distress Radar is free and there is no trial clock. You get one email a week.
When does it arrive?
Every Tuesday at 9:00 AM Eastern. It takes about five minutes to read.
What does it cover?
Troubled commercial real estate debt in the United States: loans moving to special servicing, defaults, foreclosure suits, receiverships, trustee and sheriff's sales, and properties going back to lenders. Office, multifamily, retail, hotel and the occasional oddball.
Is this investment advice?
No. It is information about public situations. Nothing in an issue is a recommendation to buy, sell, lend on or bid for anything.
How do I unsubscribe?
There is a one-click unsubscribe link at the bottom of every issue. It works immediately.
Next Tuesday, 9:00 AM Eastern. Be on the list.
The loans, the buildings, the numbers and the next dates. One short email a week.