Borrower Seeks Extensions for $84M in Loans on Owings Mills Buildings
Posted February 21, 2012
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The unidentified borrower on two loans totaling $84 million that are secured by buildings occupied by Carefirst in Owings Mills, MD is seeking to extend those loans before they mature in April, according to commercial mortgage information provider Trepp.
The buildings include Owings Mills 3, a 272,000 square foot office asset constructed in 1989; and Owings Mills 4, a 118,000 square foot office building constructed in 1990.
The Owings Mills 3 loan is for $58.4 million. The Owings Mills 4 loan is for $25.6 million.
Both loans mature in April 2012, Trepp says.
The note on the Owings Mills 3 loan was put on watchlist this quarter and the subservicer has recommended it be moved to special servicing, according to Trepp. The watchlist notes say the borrower requested a six year modification to the maturity that would coincide with the expiration of the Carefirst lease in late 2018.
A similar extension request for the Owings Mills 4 loan was denied.
Trepp says the February notes show that the borrower requested a five year extension for the Owings Mills 4 loan but was told a one year extension would be the maximum accommodation. The Carefirst lease at that building goes until late 2012, Trepp reports.
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