News
LNR FORECLOSES ON 900 ASHWOOD
June 6, 2012
| Griffin Capital has lost 900 Ashwood Pkwy. But the company says not without a lot of effort to keep it. | ||
 | ||
| Griffin Capital's Julie Treinen tells us the company tried to keep the 206k SF Central Perimeter office building, including a discounted note payoff and bringing in a new equity partner. LNR, the special servicer, was scheduled to sell 900 Ashwood on the DeKalb County courthouse steps yesterday (we'll keep you posted on the results). Julie says 900 Ashwood's loan with JPMorgan was lumped together with an office building in Southfield, Mich., which has a big vacancy issue. ?That was a bit of a millstone around our neck? she says. (Millstones make terrible necklaces.) After a 95k SF lease was secured with Oldecastle Materials, bringing the building to more than 99% leased, Julie says she believes LNR had no incentive to work with Griffin. ?They were not afraid to own it, quite frankly.? | ||
