ARLINGTON, VA—Foulger Pratt secured a $97 million three-year, floating rate loan from Aareal Capital Corp. in New York City to refinance Sequoia Plaza. HFF arranged the financing for Foulger Pratt, who used the proceeds to retire existing financing and fund leasing costs for the three-building 369,215-square foot office complex.
The HFF debt placement team was led by Cary Abod and Robert Carey.
HFF reports that the property is 83% leased, mainly to Arlington County, which accounts for most of the occupied space.
Trepp Reports Its Brief Delinquency
Trepp reported that the loan backing the property became non-performing beyond maturity in July — in fact it was in Trepp's top five list of CMBS loans to become delinquent for that month. Another DC area loan, backing Portals I, was first on that list for the month.
However, the Sequoia Plaza loan didn't stay delinquent for long. Trepp noted in its report that even though the loan was transferred to special servicing last month, watchlist commentary from June stated that the loan was scheduled to pay off.
“The loan landed on the watchlist in August 2015 due to occupancy dropping to 69% in the wake of multiple tenants departing their respective spaces,” Trepp said in its report.
By the time Trepp's list of the top delinquent CMBS loans for July came out, the loan has been paid off in full.
ARLINGTON, VA—Foulger Pratt secured a $97 million three-year, floating rate loan from Aareal Capital Corp. in
The HFF debt placement team was led by Cary Abod and Robert Carey.
HFF reports that the property is 83% leased, mainly to Arlington County, which accounts for most of the occupied space.
Trepp Reports Its Brief Delinquency
Trepp reported that the loan backing the property became non-performing beyond maturity in July — in fact it was in Trepp's top five list of CMBS loans to become delinquent for that month. Another DC area loan, backing Portals I, was first on that list for the month.
However, the Sequoia Plaza loan didn't stay delinquent for long. Trepp noted in its report that even though the loan was transferred to special servicing last month, watchlist commentary from June stated that the loan was scheduled to pay off.
“The loan landed on the watchlist in August 2015 due to occupancy dropping to 69% in the wake of multiple tenants departing their respective spaces,” Trepp said in its report.
By the time Trepp's list of the top delinquent CMBS loans for July came out, the loan has been paid off in full.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
