WASHINGTON, DC–Portals I, the 475,975-square foot, nine-story office building at 1250-1280 Maryland Ave., SW, transferred to LNR Partners in a foreclosure auction, for $85 million.
Portals I is part of the Republic Cos.' master-planned Portals, a 1.5-million square foot mixed-use development that includes the 400-room Mandarin Oriental Hotel. Although Portals I secured some high profile leases, such as Carefirst BlueCross BlueShield and the Federal Communication Commission, the building's occupancy rate is currently at 65% — and likely the cause of its delinquency, according to an interview GlobeSt.com had last year with Trepp Research Director Sean Barrie.
In July of 2016, the $155 million loan backing the office building became newly delinquent and was listed as non-performing beyond maturity. The loan had transferred to special servicing in May 2016 for an imminent default, and then in June the expected maturity payment defaulted. Republic had tried to get refinancing, according to Trepp, but that fell through.
WASHINGTON, DC–Portals I, the 475,975-square foot, nine-story office building at 1250-1280 Maryland Ave., SW, transferred to LNR Partners in a foreclosure auction, for $85 million.
Portals I is part of the Republic Cos.' master-planned Portals, a 1.5-million square foot mixed-use development that includes the 400-room Mandarin Oriental Hotel. Although Portals I secured some high profile leases, such as Carefirst BlueCross BlueShield and the Federal Communication Commission, the building's occupancy rate is currently at 65% — and likely the cause of its delinquency, according to an interview GlobeSt.com had last year with Trepp Research Director Sean Barrie.
In July of 2016, the $155 million loan backing the office building became newly delinquent and was listed as non-performing beyond maturity. The loan had transferred to special servicing in May 2016 for an imminent default, and then in June the expected maturity payment defaulted. Republic had tried to get refinancing, according to Trepp, but that fell through.
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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.
