Good Thursday morning, Alexandria!
🌤️ Today’s weather: The forecast predicts a mostly cloudy day that will gradually turn sunny, with temperatures reaching around 78°F. A northeast wind of around 9-13 mph will be present, accompanied by gusts as high as 22 mph. As for Thursday night, expect mostly clear skies and cooler temperatures with lows around 60°F, along with north winds at a speed of 7-9 mph.
🚨 You need to know
Credit rating agency Moody’s Investors Service said the U.S. Patent and Trademark Office (USPTO) property is at high risk of default, the Washington Business Journal first reported.
The downgrade comes after the USPTO announced it would downsize its office space in Alexandria. Like many office building owners, LCOR Alexandria LLC has struggled to find tenants to fill that space.
Moody’s bumped the credit rating on the $60.2 million bond down to Caa1 — investor speak for a junk rating, according to the more business-savvy reporters at the Washington Business Journal.
According to Moodys:
The underlying rating downgrade to Caa1 reflects the high risk of default on the senior debt as early as December 2024, when the borrower will likely be unable to make its full principal and interest payments. In that event, the bond insurance policy will be triggered to fully cover the $10.1 million mandatory sinking fund redemption. The increased risk of default is largely due to the inability, to date, of the owner/borrower to secure new tenants in the two buildings on the USPTO headquarter campus that will become vacant after August 2024. Absent new tenants, shell rent on the three remaining buildings occupied by USPTO will not be sufficient to cover senior debt service in full.
Many Alexandria office developers have been turning to conversions, replacing office buildings with residential ones, but that’s another discussion.
📈 Wednesday’s most read
The following are the most-read ALXnow articles for Aug 30, 2023.
- Four-story apartment building proposed in Old Town Historic District
- Alexandria launches public comment process for Eisenhower Avenue changes
- Despite flurry of new apartments, experts say Alexandria has a housing shortage
📅 Upcoming events
Here is what’s going on today in Alexandria, from our event calendar.
- No events today. Have one to promote? Submit it to the calendar.
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If you have been thinking about buying your first home or haven’t owned one in the last three years, THIS IS FOR YOU!
In the DMV area, it can be difficult to save the downpayment necessary for you to get into your own home. We have a solution. The Funder’s Summit!
We have assembled a summit with different municipalities to tell you how to access their funds for your home purchase.
Our local therapy practice is delighted to welcome Stacey Cali, Resident in Counseling, who has openings now for new clients. Stacey specializes in therapy for women, couples, teens and families. A graduate of George Mason University’s Clinical Mental Health Counseling Masters Program, Stacey is also passionate about working with people with addiction.
Stacey’s approach: “Therapy’s a powerful combination of reflection, support and action. You’ll find sessions are filled with empowerment, compassion, goal setting and a metaphorical shovel to dig deep to find the root of your difficulties and how to move past them.”
Adds Stacey, “As a therapist who works with women, teens, couples and families, I use a personalized style of counseling, tailored to you as an individual. You’re the expert in your life, I’m just here to guide you towards transformation and healing.”
2023 Alexandria Fall Festival
Food trucks, bounce houses, pony rides, magic shows and more at the 2023 Alexandria Fall Festival, an Alexandria Living event presented by The Patterson Group. Join us at River Farm on Sunday, Nov. 5 from 11 a.m. – 4 p.m.
