Office

$209.5 Million CRE Loan Portfolio

Chicago, Illinois United States
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Key facts

Loan Status Sub-Performing
Loan Count 14
Listing Type Office,Retail,Portfolio

Property description

Jones Lang LaSalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $209.5 million mixed-performance loan portfolio (the “Loans” or “Portfolio”). The Portfolio includes nine (9) Senior loans (91.6% of UPB), two (2) Mezzanine loans (7.3%), and two (2) B-Note loans (1.1%) together collateralized by Office (71.2%), Multifamily (15.5%), Parking Garage (8.1%), Retail (4.8%), and Hotel (0.4%) assets. The Portfolio offers a vast geographic diversity of credits across ten (10) states with a concentration in New Jersey (25.1% of UPB), Texas (18.9%), Virginia (17.7%), and Illinois (10.2%).

 

The Portfolio is comprised of 100% fixed-rate Loans which carry a WA coupon of 5.25% and have a WA seasoning of 79 months. Nine (9) Loans (54.6% of UPB) are structured with amortization, while four (4) Loans (45.4%) are interest-only for the term. Investors will be able to capture the benefits of strong contractual cash flow with 30 months of term remaining on a weighted-average basis.

 

The Portfolio includes two (2) non-performing loans (22.4% of UPB),  that are both in the process of being modified and will make the Portfolio 100% performing. The offering provides investors the opportunity to acquire a sizable Portfolio of diverse loans with an attractive coupon by loan type, property type, location, and principal balance. The Seller will consider bids for (i) any individual Loan, (ii) any combination of Loans, or (iii) the Portfolio in its entirety.


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Investment highlights

ATTRACTIVE IN-PLACE YIELD: The Portfolio offers attractive in-place yields on a risk-adjusted basis. The Portfolio offers 100% fixed-rate loans with an attractive WA coupon of 5.25%, and all loans feature a combination of prepayment protection including yield maintenance (83.4% of UPB), an exit fee (15.5%), or defeasance (1.1%).


PROVEN PAY HISTORY: With a WA seasoning of 79 months, the Portfolio has had a successful payment track record despite a global pandemic. This is indicative of future performance through the WA remaining term of 30 months.


LONG-TERM OWNERS: 76.9% of the Portfolio by count (64.7% by UPB) was originated to refinance prior debt. Long-term ownership indicates successful, committed borrower groups who have equity to protect.


LOW LEVERAGE POINTS: The Portfolio offers loans across leverage points ranging from 48.3% to 78.6% LTV based on the current UPB. This leaves an implied borrower equity cushion above the last dollar of debt indicated by its 59.1% WA LTV.


Last Updated Date: 14 Jul 2022

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Last Updated Date: 14 Jul 2022

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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