The Loan has a current principal balance of $65,159,858. It was originally structured with a two-year term (including three, one-year extension options), full-term I/O payments and a floating rate of L + 2.9944%. A modification took effect in May 2019, resulting in a one-year extension. Due to COVID impact, the Note went into payment default in April with a receiver subsequently appointed in July.
Jones Lang Lasalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $65 million non-performing loan (the “Loan” or “Note”) secured by the first mortgage on a large-format shopping center located in South Florida (the “Property” or “Collateral”).