Retail

$5.7 Million Maturity Defaulted CMBS Loan

abc 123 Various, California United States
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Asking Price Contact for pricing
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NOI Net Operating Income N/A
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Key facts

Property description

Jones Lang LaSalle (“JLL”), in conjunction with Ten-X, has been retained by the Seller on an exclusive basis to market for sale a $5,711,892 maturity defaulted mortgage loan (the “Loan”). Originated on August 1, 2006 in the amount of $6,750,000, the Loan was structured with a 10-year term maturing August 1, 2016. The Loan required monthly payments of $41,560.91 based on a fixed 6.25% interest rate and 30-year amortization schedule. Interest accrues based on an actual/360-day count method. The Loan is secured by a first lien deed of trust on a two-building, 32,200 SF, shadow-anchored retail center in Roseville, CA (the “Collateral” or the “Property”). The single-story property was originally constructed in 1982 on 2.768 acres. The two buildings, with 24,000 and 8,200 SF respectively, are currently 52% occupied by 10 tenants. The Collateral is shadow-anchored by a regional grocer. The Loan maturity defaulted in August 2016 and foreclosure has been initiated. The offering affords investors the opportunity to acquire a nonperforming note with potential for a clear path to title to the mortgaged property, a shadow-anchored retail center in a high performing submarket with value-add potential.

Investment highlights

  • CLEAR PATH TO TITLE – With a receiver in place and the foreclosure date scheduled, the opportunity affords investors the ability to potentially to step into title with a shortened timeline.
  • OPERATIONAL TRANSPARENCY – Receiver has been in place for nearly 2 years, providing investors with clear, recent data on property-level performance.
  • SHADOW-ANCHORED – GROCERY – The Collateral is shadow-anchored by a well-known, long-standing, regional grocery store, which drives local consumers to the center.
  • VALUE ADD – The Property's 48% NRA available for lease provides investors with the opportunity to push value through additional lease-up. In-place cash flow should be sufficient to support property level operations through stabilization.
  • STRONG SUBMARKET – The Sacramento MSA has weathered the storm of COVID-19 despite the lengthy state mandated closures. Eviction moratoriums and stimulus funds have helped limit notable vacancies and rental rate reductions.
Last Updated Date: 07 Jul 2021
Tom Hall
Tom Hall
Managing Director, Capital Markets
Kyle Kaminski
Kyle Kaminski
Vice President, Production Support

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Last Updated Date: 07 Jul 2021

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