Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the “Trust” or the “Company”) announced today it has closed the mortgage refinancing on Highland Landmark V on November 9, 2022.
As previously communicated in our Q2 2022 Report to Unitholders, refinancing the Highland Landmark V mortgage had unique challenges as the property is fully leased to two tenants with 2025 lease expirations, but the major tenant has physically vacated the property and was attempting to sublet their premises. As a result, the property is viewed by debt financiers to be a vacant property making debt refinancing more challenging in these uncertain times.
The existing lender on the Highland Landmark V mortgage, JP Morgan, was willing to negotiate an extension of the maturing loan. The existing $35.7 million non-recourse first mortgage was extended and required an initial principal paydown of $2.25 million.
Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com.
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ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer