Tamares Group, Atlantic Realty Transfer $204M NoVA Debt to Special Servicing

The owners behind a four-building office complex in Northern Virginia have willingly transferred debt tied to the campus to special servicing — even though they claim the buildings aren’t in distress.

Tamares Group and Atlantic Realty Companies requested the transfer of $204.3 million in debt, split into two commercial mortgage-backed securities deals, to special servicing in a “proactive move to strengthen the long-term financial structure” of Plaza America, a 965,000-square-foot office campus in Reston, Va. The ownership claims that loans are current, and that the campus is both financially stable and “well-leased.”

Tamares and Atlantic tapped Iron Hound Management to renegotiate loan terms as a move to ensure flexibility for future investment and tenant needs, according to an announcement issued by Stream Realty Partners, which handles leasing at the property. The Business Journals first reported the news.

The larger of the two loans — a $125 million package tied to Plaza America I and II at 11700 and 11710 Plaza America Drive, respectively — was originated by Barclays in 2016. The debt is set to mature in August 2026 and is serviced by Greystone. A separate, $20 million mezzanine loan is also tied to the two buildings.

A $79.3 million loan tied to Plaza America III and IV, at 11720 and 11730 Plaza America Drive, was originated in 2013 by Goldman Sachs. That debt, now serviced by LNR, is more complicated. The owners actually defaulted on the note in 2023, though the lender ultimately agreed to a two-year extension. The owners claim the debt still has two one-year extension options available. 

“With limited trophy office space remaining in the area, this campus is exceptionally well positioned within the Dulles corridor, and we continue to see meaningful leasing momentum that supports ownership’s long-term investment strategy,” Jeff Roman, Stream Realty’s co-managing director, said in a statement.

The ownership has recently completed renovations across the property, including a new lobby, a conference center, a lounge and elevator upgrades in Plaza America III, according to majority owner Tamares. 

“As we move through the loan extension process, we look forward to making additional capital investments that will further elevate the tenant experience and ensure the campus continues to meet the evolving needs of today’s office users,” David Ross, Atlantic Realty president and partner, said in a statement. 

Spokespeople for Barclays and for Goldman Sachs declined to comment.

Nick Trombola can be reached at ntrombola@commercialobserver.com.