$49.5M Laurel Lakes Offices Loan Transferred to Special Servicer
Speaking about loan of $ 49,500,000 at the offices Laurel Lakes in Laurel, MD has been transferred to a special management due to monetary default, according to Fitch. while in the according to filings in connection with the loan, it is known as “Cayre Portfolio Loan and borrowing entities are all ultimately owned by Douglas Jemal and his two sons, Norman and Matthew.
According to the filings, if the loan was formed on September 25, 2007, was one of the principal balance of 50,968,450 U.S. dollars and a maturity of 119 months to its expiry date of October 5, 2017. The loan was a promissory note secured by the Deeds of Trust first priority concerns “Car Barn Property” and “614-618 King Street ‘remuneration and guaranteed by a Guaranty by the title holders’ Shops at Chevy Chase property and Laurel Lakes.
“Compensation Indemnity Guaranty is secured by Deeds of Trust objections to the fee interest in Shops at Chevy Chase and Laurel Lakes properties. The borrower would release provisions relating to individual properties, the details are provided below. The loan sponsors were Douglas and Norman Jemal. Douglas Jemal is the owner and president of Douglas Development Corporation, which buys, renovates and manages commercial real estate projects in Washington, DC.
