Oakland, CA, US, Americas

$94.8 Million Non-Performing Office Loan | Oakland, CA

Objektbeschreibung

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to arrange the sale of a $94.8 million non-performing office loan (the "Loan" or "Note"). The Loan is secured by the first-lien mortgage on the fee-simple interest in a class A office property in the CBD of Oakland, CA (the "Property" or "Collateral"). The Loan sits senior to a $19.3 million mezzanine loan and is in maturity default as of August 2023.

 

The Collateral is comprised of a 15-story office property and parking garage within downtown Oakland, CA. Built in 1981, the 276,845 SF Property was renovated from 2015 - 2019, including upgrades to the tenant lounge, parking garage, and fitness center. As of October 2023, the Property was 72% occupied. Featuring 379 parking spots via a detached parking garage and open-air spaces, the Property is favorably positioned with close access to Lake Merritt and I-580.

 

The offering presents investors the opportunity to acquire the Loan at a favorable basis, significantly below replacement cost, with a potential path to ownership.


Transaction Timeline

Indicative Bid Date: March 7, 2024

Best & Final Bid Date: March 28, 2024

...

Eigenschaften

Gebäudefläche Netto
25.821 m²
Vermietungsstand
72 %
Baujahr
1981

Investment-Highlights

Path to Ownership

A consensual Deed-in-Lieu ownership option is anticipated to be available prior to closing.


Recent Capital Injections

The Property experienced a $20mm capital injection from 2015 to 2019 to enhance tenant amenities, including significant upgrades to the lobby, parking garage, building cosmetics, and a new tenant lounge.


Highly Amenitized

Tenants enjoy a state-of-the-art amenity package, including an exceptional tenant lounge, fitness center, EV station, and conference center.


Value-Add Opportunity

With a current occupancy of 72%, investors are provided a significant value-add component on a class A property with stable in-place cash flow.


Exceptional Location

Conveniently placed within the Oakland CBD, the asset is located near major arteries of transportation and has direct access to multiple urban greenways.

A consensual Deed-in-Lieu ownership option is anticipated to be available prior to closing.

Makler kontaktieren

$94.8 Million Non-Performing Office Loan | Oakland, CA (0 Objekte)
Haben Sie Fragen zu diesem Thema? Besuchen Sie unsere FAQ.
FAQ anzeigenArrow Right
JLL kann Sie bei der Finanzierung und Verwaltung Ihres Portfolios unterstützen. Kontaktieren Sie uns noch heute, damit wir gemeinsam Ihre Ambitionen verwirklichen können.
Zuletzt aktualisiert
14. Feb. 2024