WASHINGTON, DC-After going to auction last week, the note on theShops at Georgetown Park has reportedly sold for $61 million toAngelo, Gordon & Co., according to local writer Carol Joynt, who broke the news Fridayafternoon. The Washington Business Journal confirmed the sale with severalsources.
None of the principals in the transaction--from Jones LangLaSalle, which handled the auction, to Western Development, whichdefaulted on the $70-million loan, to EastBanc, which had wanted tobuy the retail center--are commenting on the deal.
The transaction has a storied past. Last week, itquietly went toauction after having been postponed twice. WesternDevelopment defaulted on the $70 million loan earlier this year.The lender, Capmark Finance, filed for bankruptcy last October. Itreportedly tried to sell its stake in the property twice, and thencontacted JLL to auction it off.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
