FAIRFAX, VA–A a nine-asset office portfolio in Fair Lakes totaling 1.25 million square feet, whose loan had been in special servicing for about a year, has been foreclosed. *
Shorenstein Co. was the sponsor of the pari-passu loan, which was split into a $142.45-million tranche and $116.55-million tranche.
Shorenstein requested the transfer to special servicing a year ago. Its plan was to work with the lender to reach a solution, a company spokesperson told GlobeSt.com at the time.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
