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.


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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

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Last Updated Date: 05 Aug 2021

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