I-90 Corporate Campus Bldg A
3350 161st Ave SE Bldg A, Bellevue, WA, 98008-5063, US
₩27,273,550,000 | 4,207 m²
Attributes
Loan status
Non-Performing
Unpaid principal balance
₩57,848,635,000
Current interest rate
5%
Building area net
10,684 m²
Occupancy
6%
Year built
1926
Year renovated
2021
Land area gross
0.11 ha
Zoning
DRC 85-170
Asset Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of $40.3 million non-performing loan (the “Loan”). The Loan is collateralized by the first-lien mortgage on a Class B office building located in Seattle, Washington (the “Property” or “Collateral”). They Loan went non-performing in August 2024 as a result of a maturity default.
The 10-story Property features approximately 115,000 square feet of net rentable area, including ground floor retail space that is primarily leased to a high-end outdoor clothing tenant. Highlighted by a renovated lobby, the Property received a $11 million renovation in 2021. With one office tenant that occupies approximately 2,000 square feet, the Property is a blank canvas with boundless potential.
The offering presents investors the opportunity to acquire the non-performing loan with a potential path to ownership on a high quality building at a significant discount to replacement cost and acquisition basis.
...
Investment Highlights
Clean Slate Property
With a single small office tenant and a high end retail tenant, the Property has unmatched optionality for future office use or redevelopment.
Path to Title
The maturity defaulted Loan provides investors with a unique opportunity to acquire non-performing loan with a path to title.
Desirable Basis
Investors have the potential to step into the ownership position on a recently renovated Property at a favorable basis.
Irreplaceable Location
The Property is located within steps of Seattle’s prime CBD retail corridor and Westlake Station, the primary Seattle transit hub connecting the CBD to surrounding areas including Capitol Hill, Sea-Tac Airport and the University of Washington.
Transaction Timeline
Indicative Bid Date: November 14, 2024
Best & Final Bid Date: December 3, 2024
Closing: Week of December 16, 2024
Media
$40.3 Million Non-Performing Office Loan | Seattle, WA (0 Properties)
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Last updated
21 Oct 2024