The Loan was originated in September 2016 and has a total payoff amount of $22,560,997. It was originally structured with a 24-month term and two six-month extension options. Given the execution of several forbearances, the Loan now matures at the end of December 2020. It carries a floating rate of L + 10.35% with interest-only payments calculated on an Actual / 360 day-count basis and a default rate of 18%.
Jones Lang Lasalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $22.5 million multifamily loan (the “Loan”) secured by the first mortgage on a low-rise/garden apartment asset located in Houston (the “Property” or the “Collateral”).