Monday Properties Escapes Foreclosure On Trophy Arlington Office Tower
A prominent Arlington office tower that is home to Nestlé’s U.S. headquarters experienced a turn of fate this week.
Monday Properties’ 35-story 1812 N. Moore St., which was scheduled to be put up for sale at a foreclosure auction, has received financing to allow the landlord to hold on to the asset, the Washington Business Journal first reported.
“We have successfully recapitalized 1812 N. Moore St., one of the most iconic office buildings in Arlington,” a Monday Properties spokesperson said in an emailed statement to Bisnow. “This restructuring has not only secured the future of the property but has set the stage for a promising trajectory.”
The company didn't disclose any further information about the financing.
The building's mezzanine lender, RBC Real Estate Capital Corp., moved to foreclose on the 581K SF property last month and hired Eastdil Secured to hold an auction. It was scheduled for Monday but never occurred, the WBJ reported.
Monday Properties rolled out a full-floor spec suite program at the tower, the statement says, adding that it “inspired a surge of new leasing activity.”
In June, Monday Properties defaulted on loans backed by a separate seven-building office portfolio in Rosslyn, totaling 2.1M SF. After it missed payments on a $691M senior CMBS loan and $150M mezzanine loan, the loans were transferred to special servicing.
