Investcorp Real Estate Credit Fund (IRECF) sold a $100mn first mortgage loan backed by the building that has been the longstanding Washington DC headquarters of the US Coast Guard, taking advantage of the renewed demand for commercial real estate exposure amongst investors. IRECF sold the mortgage, which is due in 2014, to the Talos Capital Limited for an undisclosed price. The transaction comes just 15 months after Investcorp acquired the mortgage at a steep discount to its par value.