NGKF Capital Markets, as exclusive loan sale advisor to Trimont Real Estate Advisors, recently closed on the sale of a senior commercial non-performing loan with an unpaid principal balance of $36.9 million. The purchaser is PCCP, LLC. The loan is secured by a 1.1-million-square-foot conference center hotel in Lansdowne, Virginia.
“As a relationship-driven company, we are highly successful in helping sellers who are looking to dispose of assets by quickly identifying the correct buyer from our vast pool of investors. We provide a seamless, efficient process for all involved,” said Executive Managing Director Steven M. Schultz, who heads Newmark Grubb Knight Frank’s Loan Sale Advisory Group. “Having local experts clearly gives NGKF an advantage in servicing the business,” he said, referring to Lisa Benjamin, a senior managing director in the NGKF Washington, D.C. office, who was instrumental in facilitating the transaction.
Originally built by Xerox, the 917-room conference center hotel is situated on 67 acres in the Lansdowne planned community near Dulles Airport in Loudon County, Virginia. The project comprises 260,000 square feet of meeting and conference space, including a new 16,500-square-foot ballroom, 500-car parking garage and stand-alone sports center.
“The asset offers upside potential through renovating, repositioning and marketing towards a more diverse user base,” said Ms. Benjamin. “There is a limited supply of competing facilities and steady increase in demand for conference and training facilities.”
NGKF’s Loan Sale Advisory Group recently closed on over $150 million in loan portfolios to date in 2014 and expects the non-performing loan market to stay active for, at least, the next 2-4 years. The market is being fueled by several factors including new financing opportunities and the fact that interest rates remain at an all-time low.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.