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$54.9 Million Office Loan Sale | Maturity Default

Washington, DC Etats-Unis
Prix attendu Prix : Nous contacter
Surface
Revenu net Revenu net N/A
Taux de capitalisation N/A
Prix attendu Prix : Nous contacter
Surface
Revenu net Revenu net N/A
Taux de capitalisation N/A

Caractéristiques

Loan Status Non-Performing
Type d'actif Office

Description

​​​​​​​Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to offer for sale a matured commercial mortgage loan with an unpaid principal balance of $54,901,249 (the “Loan”) secured by a first-lien deed of trust on the fee-simple interest in a 192,291-SF, office building located in Washington, DC (the “Property” or “Collateral”).


The Loan was originated in October 2017 for an initial four-year term maturing October 9, 2021. The Loan included an initial advance of $43,305,000 with $31,475,000 of future funding available to pay for capital expenditures, interest carry, and leasing costs. The Loan is now in default as the borrower failed to make the September 2021 debt service payment as well as pay off the Loan at the initial maturity date, as the Loan extension requirements have not been met.


The Property is an 11-story office building constructed in 1988 on a 1.023-acre site. While the Property was 79.7% occupied at Loan origination, it was known that the major tenant (142,566-SF, 74.1% of GLA) was going to vacate upon lease expiration in October 2018. Consequently, occupancy has declined to 5.1% as of August 2021.


The Property is strategically located in the NoMasubmarket of downtown Washington, DC close to Union Station with access to Metro, Amtrak, VRE and MARC commuter trains, as well as a short walk to the US Capitol building.


The offering presents investors with a prime opportunity to acquire a note at an attractive basis secured by a well located, Class B office building that has significant upside potential.


CLICK TO ACCESS THE CONFIDENTIALITY AGREEMENT

Informations Clés

INVESTOR OPTIONALITY - The Loan is currently in default, presenting investors with optionality to workout, modify, or potentially pursue title to the Collateral.


DESIRABLE BASIS - An investor would benefit from acquiring the note at a significant discount to the Sponsor’s current basis.


LEASE-UP POTENTIAL - With a vacancy rate of 94.9%, the Property offers a value-add opportunity through the lease-up of 182,422-SF contiguously available space, including 9 full-floors.


TRANSIT-ORIENTED LOCATION - Close to Union Station (Metro/Amtrak/VRE/MARC), the transportation gateway to the nation’s capital city, Union Station serves over 40 million commuters/visitors annually and is home to an amenity base of over 50,000-SF of restaurants and retailers.


NoMa SUBMARKET (NORTH OF MASSACHUSETTS AVE) - ​​​​​​​The transit oriented NoMasubmarket has the lowest office vacancy rate among the major submarkets in Washington, DC. Additionally, the area has seen significant retail and residential development over the past decade, transforming the neighborhood into an attractive work-play-live environment.

Last Updated Date: 22 Oct 2021

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DÉCLARATION DE CONFIDENTIALITÉ 

Jones Lang LaSalle (JLL), ainsi que ses différentes filiales et entités, est une société internationale leader du conseil en immobilier d'entreprise. Nous prenons la responsabilité de protéger avec la plus grande rigueur les informations personnelles qui nous sont confiées. 

En règle générale, les informations que nous recueillons sur vous nous permettent de traiter ou de répondre à votre demande. 

Nous nous engageons à conserver les informations personnelles qui nous sont confiées, avec le niveau de sécurité approprié, et aussi longtemps que nous le jugerons nécessaire pour toute raison professionnelle ou légale. Nous supprimerons ensuite vos données de manière sûre et sécurisée. À tout moment, vous avez la possibilité d’affiner vos préférences en termes de communication et de vous désabonner. 

Pour plus d'informations sur la manière dont JLL traite vos données personnelles, veuillez consulter notre déclaration de confidentialité.

Last Updated Date: 22 Oct 2021

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