FM Capital has acquired the non-performing loan for the North Market Office Building on Market Street Mall in Wilmington. The property, identified in media reports as 824 Market Street, has a current unpaid principal balance of roughly $26.9 million.
The building houses law firms, Santander Bank and U.S. Bankruptcy Court.
The debt is secured by a 203,000 square foot office building.
The building includes 203,000 square foot of office space spread across ten floors and features a 42-car underground parking garage for tenant use.
The building was completed in 1982.
Several renovations have been conducted on the property, including the lobby and common area improvements, infrastructure improvements, and modernization activities.
The debt was originated in 2007 is currently non-performing.
In 2007 it was reported that Triple Net Properties LLC paid $37 million, or about $182 per square foot, to G REIT Inc. for the 10-story building.
FM Capital, LLC is a full-service, vertically integrated real estate investment firm that focuses on real estate-related investment opportunities and commercial real estate loan originations throughout the United States.
FM Capital currently manages and controls roughly half a billion dollars in assets across the United States. This includes multifamily, retail, office, industrial, development, and mixed-use properties. FM Capital has offices in New York and South Florida.
