The Guardian apartment building, a newly-opened 167-unit office-to-residential conversion in downtown Silver Spring, is set for a foreclosure auction later this month.
Atlantic Union Bank, the note holder on a $36.25 million loan originated in 2022, initiated the foreclosure auction scheduled for February 26. The Guardian was completed and began leasing last year, according to Bisnow, which first reported the impending auction on Wednesday afternoon.
The auction is for the tenant’s interest in a ground lease executed in August 2022 between the landowner, Guardian Building Associates LLC, and the tenant, Guardian Tecton LLC. Both entities are managed by Jed Arkin, whose family has owned The Guardian property for decades, according to the Washington Business Journal…