$21 Million Non-Performing Office Loan | Washington, D.C.

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to arrange the sale of a $21 million non-performing office loan (the "Loan" or "Note"). The Loan is secured by the first-lien deed of trust on the fee simple interest in a CBD office property in Washington, D.C. (the "Property" or "Collateral"). As of December 2023, the Loan is non-performing due to monetary default.

Constructed in 1947 and renovated in 1994, the 12-story building is comprised of 150,788 SF of office space, 17,310 SF of retail space, and 2,148 of storage space. Per JLL in-place UW, the Property is 57.0% leased with 4.5 years WALT (39% leased & 3.3 years WALT net coworking management agreement). Situated on a 0.35-acre or 15,276 SF site, the Property is located at the intersection of 18th Street NW and M Street NW, where Dupont Circle meets the CBD. With efficient floor plates and abundant natural light via four sides of glass, the Property’s design enables investors to pursue various business plans, whether as boutique office or as a conversion to an alternative use. Furthermore, the Property's MU-9B zoning allows for by-right residential, hospitality, and mixed-use. 

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