A 167-unit apartment building in downtown Silver Spring that was repositioned from a 1950s-era office building and opened last year is headed to a foreclosure auction.
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Atlantic Union Bank, the noteholder of a $36.25M loan originated in 2022 for The Guardian apartment building at 8605 Cameron St., initiated a foreclosure auction for the property.
The auction is for the tenant's interest in a ground lease, which was signed in August 2022 between landowner Guardian Building Associates LLC and tenant Guardian Tecton LLC. Both entities are managed by Jed Arkin, according to Maryland deed records.
The auction is scheduled for 11 a.m. Feb. 26 at Alex Cooper Auctioneers. A $2M initial deposit is required.
Atlantic Union Bank, which took over the 2022 loan from Sandy Spring Bank when it acquired the lender last year, appointed substitute trustees for The Guardian in January, deed records show. The bank declined to comment, and Arkin didn't respond to a request for comment.
The property, which sits on a little more than a third of an acre, has been in Arkin’s family for decades, the Washington Business Journal reported late last year.
It began leasing in April, but the plans date back to at least 2017.
The redevelopment included adding six stories to the four-story office building. It was designed by Nelson Architects, and construction was done by GCS-Sigal.
Rents for available units range from just over $1,600 to just over $1,900, according to the apartment building’s website.
The Guardian includes 9,430 SF of ground-floor retail and storage. Regional café chain Paris Baguette leased 3K SF of that space late last year with plans to open in late summer or early fall.
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