Rockrose Development Lands 4-Year Extension on $227M D.C. Office Loan
By Nick Trombola December 17, 2024 12:41 pm
reprints
Maybe Downtown Washington, D.C., can be salvaged after all.
Rockrose Development, the owner behind the roughly 414,000-square-foot 555 11th Street NW, dubbed Lincoln Square, has secured a four-year extension on a $227 million commercial mortgage-backed securities (CMBS) loan tied to the property, which had a maturity date in November, Commercial Observer has learned.
Iron Hound Management’s Anthony D’Amelio and Will Forbes represented Rockrose in the modification, negotiating with special servicer LNR and the lenders. Representatives for Rockrose did not immediately respond to a request for comment. Iron Hound officials declined to comment.
Rockrose acquired the building, located across the street from Ford’s Theatre and less than a mile east of the White House, in 2014 for $300 million from a local investor. Law firm Latham & Watkins currently occupies more than 60 percent of the property. The underground Landmark E Street Cinema occupies a 57,000-square-foot retail component of the building.
The debt on the property originated in 2014 as part of the Morgan Stanley (MS)-led MSBAM 2015-C21.
Office distress is the name of the game in the District these days. Last month, a $130 million CMBS loan tied to the D.C. headquarters of the Federal Emergency Management Agency was transferred to special servicing due to imminent default for the second time since 2022. And in October, Blackstone Mortgage Trust paid $83.7 million at foreclosure auction for a four-property portfolio at the District’s L’Enfant Plaza, which former owner JBG Smith wrote off last year.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
