Thursday, December 20, 2012

Winthrop Buys Defaulted Note on Downtown Philly High Rise

Winthrop Realty Trust acquired a non-performing first mortgage loan secured by a 20-story, 514,000-square-foot office building at 1515 Market St. in Philadelphia. 

The loan, which is currently in maturity default, has an outstanding balance, exclusive of interest, default interest and late charges, of $70 million and was acquired for $56.85 million ($111/SF). 

The loan was held in a commercial mortgage backed securities (JPM 2007-LDP10). 

The building last sold for $76 million ($148/SF) in January 2007 to Stockton Real Estate Advisors. The property has 110,673 square feet available for lease at an average asking rent of $25.19/SF/year.

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