Scoop: Lenders Set Foreclosure Auction for Radford Studio Center
Lenders led by Goldman Sachs scheduled a Nov. 24 foreclosure auction for Radford Studio Center, a 55-acre lot bought by Hackman Capital Partners for $1.85B in 2021. The lenders seek $1.3B. Netflix may buy the property, which has 22 soundstages and 1M+ sq. ft. of space. Hackman's debt is $1.2B, with occupancy and income falling sharply. The loan was extended to June 2025 but not repaid. Lenders are pursuing a public foreclosure auction.
How this was made
The 30-second read
Why it matters
The foreclosure process may result in a significant loss for the lenders and could influence credit spreads on similar CMBS assets.
Market read
First disclosure of a high‑profile foreclosure auction involving a major US bank and a large entertainment‑industry asset.
What to watch
Potential buyer Netflix may acquire the asset at a discount, mitigating broader market impact.
Background
Goldman Sachs, Morgan Stanley and Wells Fargo financed the $1.1B loan for the Radford Studio Center, now in default.
Ticker impact
Goldman Sachs leads the lenders scheduling a Nov. 24 foreclosure auction of the Radford Studio Center loan.
likely pressure as the market prices in the loan loss exposure
First report of a high‑profile foreclosure auction tied to a $1.1B loan; investors may reassess credit risk.
Market effects
Highlights risk in commercial real‑estate lending and CMBS exposure.
May affect Los Angeles‑area real‑estate and entertainment‑industry financing.
Limited to investors tracking large‑cap lenders and CMBS markets.
Counterpoint
The auction could resolve the distressed loan, limiting further losses for Goldman Sachs.
Key entities
- LenderGoldman Sachs
Lead lender organizing the foreclosure auction.
- Potential BuyerNetflix
Mentioned as a possible acquirer of the property.
