$94 Million Mixed-Performance Office Loan Relationship | New York, NY

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $93.9 million office loan relationship (the “Loan Relationship” or “Loans”) consisting of three mixed-performance loans. The Loans are secured by first-lien mortgages on three office buildings in New York, NY (the “Properties” or “Collateral”). Originated to the same sponsor in 2014, 2015, and 2019, the Loans had an aggregate original balance of $99.8 million. Two of the three Loans have floating interest rates of SOFR + 2.75%, while the third has a fixed interest rate of 4.13% for the next 15 months before transitioning to SOFR + 2.75%. With maturity dates in 2026, 2027, and 2031, the Loans have an unpaid principal balance of $93.9 million as of April 2025.

The Collateral comprises three office buildings constructed in 1921, 1925, and 1911. Ideally situated in Midtown Manhattan, these properties benefit from prime access to Grand Central Terminal, connecting tenants to the city’s extensive transit system, while being steps away from numerous Fortune 500 headquarters. The Properties feature a combined 277,851 square feet of net rentable area and a weighted average lease term of approximately 4.13 years. As of January 2025, the Properties had a weighted average occupancy of 97%.

The offering presents investors the opportunity to acquire a mixed-performance loan relationship collateralized by high-quality office assets in an irreplaceable location.