Joint Venture Defaults On Loan Tied To Reston Office Building
The owners of a 195K SF Reston office building off the Dulles Toll Road have defaulted on a loan tied to the property.
Reston Eastpointe at 11091 Sunset Hills Road is owned by a joint venture of Lincoln Property Co., Ritz Banc Group and Masic, which acquired the property in 2016.
The venture's $38M CMBS loan has gone into special servicing, and the lender has sent a notice of default to the owners, according to special servicer commentary in the Morningstar Credit database.
The notice was sent after the owners failed to pay off the debt ahead of a Dec. 1 maturity, the servicer, LNR Partners, wrote.
The joint venture acquired the eight-story building in 2016 for $58M, Fairfax County land records show. JPMorgan Chase provided the $38M acquisition loan, according to a filing with the Securities and Exchange Commission. The property sits on 5.7 acres and was delivered in 2007.
Neither JPMorgan Chase nor Lincoln Property Co. responded to requests for comment prior to publication.
The loan was flagged in July by Fitch Ratings as having a negative outlook. As of April 30, the property was 73% occupied, according to Morningstar Credit's database.
Tenants at the property include the Northern Virginia Chamber of Commerce, Acclaim Technical Services, aerospace company BAE Systems, and federal defense and aerospace contractor ASRC Federal Holding Co., according to their websites. SmartRoof inked a 25K SF lease at the property at the end of 2022.
