Office

$190.8 Million Office Loan | Chicago, Illinois

Chicago, Illinois United States
Asking Price
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Key facts

Loan Status Sub-Performing
Listing Type Office

Property description

Jones Lang LaSalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $190.8 million loan (the “Loan” or “Note”) secured by the first mortgage on an office building of scale located in the Chicago CBD (the“Property” or “Collateral”). The Loan was originated in October 2015 and structured with a 5-year initial term. Interest-only payments are calculated based upon a floating rate equal to the base rated plus 1% (currently 4.25%), such floating rate to be increased by an additional 5% upon the occurrence of a future event of default. The loan matured in October 2020 in the absence of a principal payoff. Borrower executed a modification in June 2021, which extended the maturity date to December 31, 2021 and formalized Borrower’s assent to a deed-in-lieu agreement – to be held and executed by Lender upon occurrence of a future default. A second modification in December 2021 provided for a final maturity extension to March 31, 2022. This offering provides investors with a unique opportunity to acquire a sizable performing note with the ability to bypass a foreclosure process in the event of a default and assume ownership on a trophy office tower in Chicago. 


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Investment highlights

  • Opportunity to facilitate lease buyout generating liquidity to execute business plan
  • Flexible floor plates offer tenants maximum optionality
  • Large available blocks providing significant lease-up potential
  • Attractive basis relative to new construction
  • Dynamic location offering transportation advantages and unrivaled views
Last Updated Date: 03 May 2022

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Last Updated Date: 03 May 2022

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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