J.P. Morgan Senior Secured Mortgage Repaid in Full
NEW YORK, Jan. 10, 2025 /PRNewswire/ — Net Lease Office Properties (NYSE: NLOP) today announced the sale of the following five office properties in November and December for gross proceeds totaling $43.3 million.
Primary | Primary | Location | ABR ($000s) | Gross | Square | NLOP |
Caremark RX, | Health Care | Chandler, AZ | $1,645 | $15,000 | 183,000 | Included |
Vacant (formerly | N/A | Eagan, MN | $– | $11,650 | 227,666 | Included |
Charter | Cable & | Bridgeton, | $820 | $7,350 | 78,080 | Included |
Merative L.P. | IT Consulting & | Hartland, | $669 | $6,750 | 81,082 | |
Cofinity, Inc./ | Multi-line | Southfield, | $1,833 | $2,500 | 94,453 | Included |
Total | $4,967 | $43,250 | 664,281 | |||
* Pro forma for any agreed to and signed future rent restructurings. | ||||||
Net proceeds after closing costs for the collateral pool assets were used to repay approximately $30 million on J.P. Morgan’s senior secured mortgage and approximately $5 million on its mezzanine loan, in accordance with terms of those facilities. In conjunction with approximately $23 million of funds from other sources, this resulted in the full repayment of J.P. Morgan’s senior secured mortgage and an outstanding balance of approximately $61 million on its mezzanine loan as of December 31, 2024.
Office property sales during the fourth quarter brought total gross proceeds from dispositions completed during 2024 to approximately $364 million, including occupied sales of $319 million at a weighted-average disposition cap rate of approximately 10.5%**.
As of December 31, 2024, NLOP owned 39 office properties, comprising 37 properties in the U.S. and two in Europe.
** Excludes two assets transferred to the mortgagee and the sale of one vacant asset.
Net Lease Office Properties
Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust that owns a portfolio of high-quality office properties primarily leased to corporate tenants on a single-tenant net lease basis. Tenants operate across a variety of industries and the vast majority of properties are located in the U.S., with two located in Europe.
Institutional Investors:
1-212-492-1140
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Individual Investors:
1-844-NLO REIT (656-7348)
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Press Contact:
Anna McGrath
1-212-492-1166
SOURCE Net Lease Office Properties
