Amber Oaks H, I & J
US - Austin, TX
204,886 sf
Portfolio description
Jones Lang LaSalle Americas, Inc (“JLL”) has been retained on an exclusive basis to arrange the sale of a $185,000,000 loan (the “Loan”) secured by a first-lien mortgage on a 488,801-SF mixed-use property (the “Property” or “Collateral”) located in Washington, D.C. The ten-year Loan was originated in May 2014 to refinance the Property. While the Loan remains current as of May 2023 with an unpaid principal balance of $179,057,123, due to recent and impending vacancies, the Borrower has indicated that they will not support debt service out of pocket and are willing to cooperate with a loan buyer looking to obtain title.
Located in the Chinatown neighborhood of Downtown D.C.’s East End submarket, the Property is a mixed-use development that consists of 228,534-SF of office space, 260,267-SF of street-level and enclosed retail space, as well as 690 parking spaces in a subterranean parking garage.
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Attributes
Loan Status
Performing
Loan Count
1
Current Interest Rate
4.399
Maturity Date
06/01/2024
Listing Type
Portfolio
$185MM Mixed-Use Loan Sale | Washington, DC (2 Properties)
$185MM Mixed-Use Loan Sale | Washington, DC (2 Properties)
Media
Investment highlights
Path to Ownership & Receivership: While the Loan remains current as of May 2023, it is anticipated that a loan purchaser would have an unimpeded path to title. Additionally, the Borrower is consenting to the installation of a receiver.
Unique Location: Sitting above one of the busiest Metro stations in the region, the Property is proximate to Capital One Arena, which hosts an average of 220 events per year including the home games for the NBA’s Washington Wizard and NHL’s Washington Capitals as well as the NCAA’s Georgetown Hoyas men’s basketball team.
Value-Add Opportunity: With a current total occupancy of 62.7% as of May 1st, but anticipated to drop to high-30%’s by year-end, the Property provides a significant value-add opportunity through lease-up and/or redevelopment. The city and DowntownDC Business Improvement District have highlighted the area as a place for potential public investment.
Desirable Basis: An investor would benefit from acquiring the Loan and obtaining title to the Property at a significant discount to replacement cost.
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Last updated
May 18, 2023
