$56.6 Million Non-Performing Office Loan | Chicago, IL

$56.6 Million Non-Performing Office Loan   |   Chicago, IL_Property for Sale

Attributes

Building area net
251,354 sf
Occupancy
57%
WAULT
4.9 years
Year built
1958
Year renovated
2015
Floors
19 floors
Zoning
DC-16
Loan status
Non-Performing
Unpaid principal balance
$56,562,849
Maturity date
12/10/2026
Call for offers
05/30/2024

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $56.6 million non-performing loan (the “Loan” or “Note”) secured by a first-lien mortgage on the fee simple interest in a CBD office property in Chicago, IL (the “Property” or “Collateral”). The Loan was originated in November 2016 to refinance the Sponsor’s interest in the subject Property. The Loan is currently non-performing due to payment default and has an unpaid principal balance of $56,562,849 ($225 PSF).

 

The Property is a 251,354 RSF office building located in the Central Loop of Chicago. With a diverse tenant roster and no tenant occupying more than 12% of net rentable area, the Property offers an investor diversification and insulation from vacancy shocks and an overconcentration to one specific tenant or industry. Ideally situated in the heart of downtown Chicago, the Property offers unsurpassed access to the financial markets, government, and civic center in the City in addition to exceptional panoramic views. With additional potential upside through both lease-up of well positioned vacancy and a mark-to-market opportunity, the Property provides an investor a rare opportunity to acquire a historic Chicago landmark.

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Investment highlights

FLEXIBLE VACANCY PROFILE

The Property offers current and prospective tenants a variety of available suites ideal for boutique or mid-size tenants that the Property has historically attracted. Significant opportunity exists to implement a spec suite program and accelerate leasing, providing a substantial increase in NOI.


HISTORICALLY LOW BASIS

The opportunity offers an investor the opportunity to acquire the Note at refreshed basis and at a discount to the Loan balance, which, at $225 PSF, represents a 41.5% discount to the origination appraisal and a 70.0% discount to the current replacement cost of $750 PSF.

 

EXCEPTIONAL PANORAMIC VIEWS

The Property’s floor-to-ceiling windows showcase exceptional views of the surrounding cityscape. Given the setback of the building across the street, the Property possesses unrivaled views and abundant natural light through its west facing floors.


UNRIVALED TRANSPORTATION & ACCESS

The Property’s close proximity to all seven CTA “L” lines, the five Metra commuter rail stations, and Chicago’s interstate highway system provides convenient access for tenants commuting from both the suburbs and from within the city.

$56.6 Million Non-Performing Office Loan | Chicago, IL (0 Properties)

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Last updated
Apr 30, 2024