Retail

$24.3 Million Non-Performing CMBS Retail Loan

Caguas, PR United States

Key facts

Loan Status Non-Performing
Loan Count 1
Maturity Date 2023-03-01
Listing Type Retail

Asset Description

Jones Lang Lasalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $24.3 million non-performing loan (the “Loan” or “Note”) secured by the first-lien Deed of Mortgage on a large-format, strip shopping center located in Puerto Rico (the “Property,” or “Collateral”). The Loan was originated in January 2011 and structured with a ten-year term. Payments are based on a 30-year amortization and a fixed rate of 6.25%. Due to COVID impact, the Note went into payment default in March 2020 and was subsequently transferred into special servicing in June 2020. The Loan continued to be non-performing and went into maturity default as of February 2021. Foreclosure proceedings have been initiated with a receiver having recently been installed and an Agreed Judgment of Foreclosure being entered. This offering provides investors with a unique opportunity to acquire a non-performing note at an attractive basis with a potential path to title on a well-located retail asset with robust value-add upside.


Click here to be directed to the RealINSIGHT Marketplace Platform.

Investment highlights

RECEIVER IN-PLACE & PATH TO TITLE

A receiver was installed at the Property in February 2021 and an Agreed Judgment of Foreclosure has since been entered by the Court, facilitating an investor’s potential path to obtaining ownership of the collateral property. A Receiver has been appointed as is currently managing the property.


DESIRABLE BASIS

Investors may potentially be able to step into the ownership position of a popular shopping center at a low basis.


STRONG LOCATION  

Primary frontage along a major area thoroughfare with a population of ~160,000 living in a 5-mile radius.


SUBSTANTIAL VALUE-ADD POTENTIAL

Given favorable local market dynamics, considerable lease-up can be achieved through enhanced management and capital investment.

Last Updated Date: 05 Aug 2021
William Sledge
Will Sledge
Senior Managing Director, Capital Markets
Kyle Kaminski
Kyle Kaminski
Vice President, Production Support

Please enter your corporate email account in the email field. We may not be able to reply to your personal email account or free email address such as Gmail or Yahoo Mail.

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 05 Aug 2021

Do you have any questions?  Visit our FAQ page

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.

Please go to the below link for our commitment to compliance (Japanese only).

https://www.joneslanglasalle.co.jp/ja/compliance-with-laws-and-regulations-and-its-representation

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.