The 268,000-square-foot Rosetree office complex in Media has been sent to receivership, with the property holding more than $39 million in debt, writes Paul Schwedelson for the Philadelphia Business Journal.
The two-building property at 1400 N. Providence Road, owned by an entity affiliated with Keystone, became the subject of foreclosure after the owner missed the $45.5 million payment on a commercial mortgage-backed security that was due in September.
As of October 23, the firm owed $39.4 million on the loan, with interest continuing to mount.
The property’s occupancy stood at 72 percent in early 2025.
A Commercial Mortgage-Backed Security (CMBS) report indicates that the loan was moved to special servicing in June due to “imminent maturity default.”
Rosetree KPG III LLC entered negotiations with CWCapital for a loan modification but failed to reach a resolution.
Following the loan’s maturity, CWCapital filed a foreclosure complaint in November in the Delaware County Court of Common Pleas, seeking to appoint a receiver.
On February 3, OPEX CRE Management CEO Brenton Hutchinson was appointed receiver for Rosetree by the court.
Rosetree KPG purchased the 1986 property in 2013 for $13.2 million.
Read more about the Rosetree complex in the Philadelphia Business Journal.
