- change ups
Office tower changes hands
As expected, the mortgage holder of the city’s largest office building officially took possession of Bridgewater Place last week. GMAC Commercial Mortgage Securities Inc. bid $34 million for the 17-story, 400,000-square-foot building at 333 Bridge St. NW.
GMAC was the only bidder at a sheriff’s sale held for the property Wednesday morning in the Kent County Courthouse.
SH-2 LLC, BT-2 LLC and Bridgewater Place LLC were listed as the structure’s previous owners in the foreclosure notice and one, two or all three have six months to buy the building back. “It’s a process called redemption. With commercial properties, it’s six months from the date of the foreclosure sale,” said Bruce Courtade, a partner and member of the construction law group at Rhoades McKee PC.
According to county records, the building’s 2010 State Equalized Value and Taxable Value were listed at $22.5 million, meaning the structure’s approximate market value last year was $45 million. But a year earlier, the market value for Bridgewater Place was $54.6 million, based on an SEV and Taxable Value of $27.3 million in 2009.