600 Clipper - Volkswagen
600 Clipper Drive, Belmont, CA, 94002, US
14,734 m²
Attributes
Status
Non-Performing
Loan Purpose
Acquisition
Lien
Senior Mortgage
Original Principal Amount
$68,000,000
Current UPB
$68,000,000
Origination Date
2/4/2016
Current Maturity Date
2/5/2026
Description
Jones Lang LaSalle has been retained on an exclusive basis by the Seller to arrange the sale of a $68 million non-performing office loan (the “Loan” or “Note”). The Loan is secured by the first-lien mortgage on a class A office tower in Boston, MA (the “Collateral” or the “Property”). The Loan went non-performing as a result of a maturity default in February 2026 and has a current unpaid principal balance of $68,000,000.
The Collateral is a 20-story, 275,000 square-foot office building located in the heart of Boston’s Central Business District. Constructed in 1987 and comprehensively renovated in 2018, the institutionally owned Property has received over $16.6 million of capital investments, transforming the asset into a best-in-class, office building featuring a dramatic five-story lobby, state-of-the-art fitness center, and curated tenant amenities.
The offering presents investors with the ability to acquire a non-performing loan at a historic basis with a potential path to ownership via a deed-in-lieu of foreclosure.
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Investment Highlights
Deed-in-Escrow
Investors will have a direct path to title through a deed-in-lieu of foreclosure held in escrow, allowing investors to purchase the Loan, and quickly step into ownership of the Property.
Strong Existing Amenity Base
Since 2018, the Property has experienced over $16.6 million in capital injections to enhance tenant amenities, including significant upgrades to the lobby, conference center, corridors and restrooms.
High-Rise Vacancy Curated to Market Demand
70% of the current vacancy sits within the high-rise, the most desirable space to lease.
Boutique Floor Plate Caters to Most Active Segment of Tenants
8,500 RSF to 22,000 RSF floor plates are well positioned to capture the largest segment of tenants in the market.
Media
$68 Million Office Loan | Boston, MA (0 Properties)
