$21.4 Million Non-Performing Office Loan  |  Dallas, TX_Property for Sale
$21.4 Million Non-Performing Office Loan  |  Dallas, TX_Property for Sale
Dallas, TX, US, Americas

$21.4 Million Non-Performing Office Loan | Dallas, TX

Asset description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to arrange the sale of a $21.4mm 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 B office property in Dallas, TX (the "Property" or "Collateral"). In February 2024, the Loan went non-performing as a result of a payment default. A Notice of Default was filed on February 8th, 2024, and a foreclosure sale date is pending.


The Collateral is comprised of a two building office complex located in Dallas, TX. Built in 1983 and renovated from 2008-2015, the Property benefits from an on-site parking garage. As of December 2023, the Property was 44% leased. Featuring 802 parking spaces via a detached parking garage and open-air space, the Property is favorably positioned directly off the Dallas North Tollway.

 

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

...

Attributes

Building area gross
21,428 sm
Occupancy
44%
Year built
1983
Land area gross
2 ha
Loan status
Non-Performing
Unpaid principal balance
₱1,249,050,015
Year renovated
2015
Maturity date
06/01/2027

Media

Investment highlights

Dominant Population Growth

DFW has experienced a remarkable 22% population growth since 2011, and benefited from the highest employment growth of any metropolitan area in 2023.


Exceptional Visibility & Access 

Located next to the Dallas North Tollway, the Property benefits from direct access to a major Dallas transportation artery.

  

Recent Capital Injections

The Property was renovated between 2008 - 2015 and has featured a number of improvements to-date including a new modern deli, tenant lounge, conference center, and HVAC systems.


Value-Add Opportunity

With a current occupancy of 44%, investors are provided a significant value-add component on a class B property with exceptional lease-up potential.

Contact brokers

$21.4 Million Non-Performing Office Loan | Dallas, TX (0 Properties)

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Last updated
Jun 28, 2024