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Description de la propriété
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of a $89.3 million loan (the "Loan"). The interest-only Loan was originated on September 09, 2014, for a five (5) year term with two (2) one-year extension periods. The Loan matured in September 2020, following the Borrower's inability to meet the extension requirements, and is currently in maturity default. The Loan is secured by a first-lien Deed of Trust on a 132,280 SF wholesale Data Center located in Northern VA (the "Collateral") at the heart of the largest Data Center market in the world. Constructed in 2010 on an 8.2-acre site, the property offers a critical I.T. load of 9.0 MW across five (5) data halls and features 2N UPS redundancy. The property is currently 100% leased with 75% of space maturing in January 2021, following the largest tenant's decision to vacate at lease expiration for a build-to-suit. The remaining tenant offers an investment grade (Aa3, A+) credit rating and a lease in-place through March 2025. The Loan presents investors with the opportunity to acquire a maturity defaulted Loan secured by a well located, recently-built asset at the epicenter of a premier Data Center market.
Informations clés concernant l'investissement
- Northern Virginia Market - With over 114 MW of absorption in the first half of 2020 alone, the market has seen tremendous leasing velocity from cloud disruption as a result of COVID.
- Maturity Defaulted Loan - The defaulted nature of the Loan allows an investor a number of flexible ways to underwrite the opportunity.
- Efficient COST OF POWER - The Market offers some of the most efficient electrical costs in the country at a steady $5.2 Cents per KWH (2016-2020).
- Attractive Physical Asset - Built in 2010, the Collateral has continued to be well maintained by a best-in-class data center operator and requires limited CapEx needs in the near future.