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| One Discovery |
| UCC Sale |
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JLL has been retained by ACORE Capital Mortgage, LP, as Administrative Agent (the “Secured Party”) to offer for public sale all right, title and interest of CRE-FP Silver Spring Mezz, LLC, a Delaware limited liability company (the “Debtor”), in the following collateral: (i) all limited liability company interests in Silver Spring Owner, LLC, a Delaware limited liability company (the “Mortgage Borrower”) and (ii) all other collateral pledged by the Debtor under that certain Mezzanine Pledge and Security Agreement, made by the Debtor in favor of the Secured Party, dated as of September 5, 2018 (the “Pledge Agreement”) (items (i) and (ii), collectively, the “Collateral”). The Secured Party was granted a security interest in the Collateral to secure certain indebtedness (the “Indebtedness”) of the Debtor.
Based upon information provided by the Debtor, the Mortgage Borrower and/or certain other persons and entities affiliated therewith, it is the understanding of the Secured Party (but without any warranty or representation by the Secured Party as to the accuracy or completeness of the following matters) that: (i) the Debtor owns all limited liability company interests in the Mortgage Borrower, (ii) the Debtor indirectly owns the fee simple interest in the property known as One Discovery Center, Silver Spring, Maryland (the “Premises”), and (iii) the Premises are subject to a first mortgage loan securing indebtedness in the original principal amount of up to $94,072,875.00, and in the outstanding principal amount of $77,472,941.45 following a Special Mezzanine Loan Advance (as defined in the mezzanine loan agreement) made on June 23, 2023 (the “Mortgage Loan”), which loan may be in default, including with respect to a maturity default.
The Collateral will be offered for public sale on October 24, 2023, beginning at 11:00 A.M. (prevailing Eastern Time) both via Zoom (or a similar online platform) and in-person in front of the New York Supreme Court, New York County Courthouse, located at 60 Centre Street, New York, New York 10007. The Secured Party reserves the right to reject any or all bids and terminate the sale or adjourn the sale to such other date and time as Secured Party may deem proper, by announcement at the place and on the date of sale, and any subsequent adjournment thereof, without further publication.
Interested parties who would like additional information regarding the Collateral and the public sale are invited to access the confidentiality agreement at the following link: www.onediscoveryuccsale.com
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| Although information has been obtained from sources deemed reliable, neither Secured Party nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Secured Party nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2023 Jones Lang LaSalle IP, Inc. All rights reserved. |
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