AVG Partners buys UBS Center’s mortgage

UBS in Stamford, Conn.
UBS Center in Stamford.

The $145.6 million nonperforming commercial mortgage-backed securities (CMBS) loan on Stamford”™s UBS Center has been bought by the property”™s owner, AVG Partners, a Beverly Hills-based investor, for $54.2 million.

The purchase follows a failed attempt by CWCapital, a special servicer, to sell the loan on the 682,327-square-foot property at 677 Washington Blvd. According to a Trepp report, the property was originally valued at $262 million in 2003, but its most recent appraisal last May resulted in a $44.4 million valuation.

The loan, which had a balance of $229.7 million when it was originated in 2004, was securitized through LB-UBS Commercial Mortgage Trust, 2004-C1 and its sale was coordinated by Mission Capital Advisors.