$65M non-performing loan sale hits the market
JLL Capital Markets is marketing the loan secured by the first mortgage on a South Florida mall
NEW YORK, October 8, 2020 – JLL Capital Markets announced today that it has been engaged on behalf of a CMBS special servicer to market the sale of a $65 million non-performing loan secured by the first mortgage on Southland Mall Miami, a large-format shopping center located in the South Florida community of Cutler Bay.
Southland Mall Miami is a 988,025-square-foot indoor mall located within a densely populated trade area of more than three million residents. Foreclosure on the property has been initiated, and the loan was originally structured with a two-year term with three one-year extension options. This offering provides investors with a unique opportunity to acquire a non-performing note at an attractive basis with a path to title on a well-located retail asset with redevelopment potential.
The JLL Capital Markets team representing the seller includes Managing Director Tom Hall and Senior Managing Director Danny Finkle.
“It is rare that a legitimate redevelopment opportunity of this scale becomes available,” Hall said. “Southland Mall is sure to garner interest from a variety of investors eager to enter this growth market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.