CBRE and RealINSIGHT Marketplace are pleased to exclusively present for your investment consideration two non-performing notes (a) $2,650,000 and (b) $1,600,000, totaling $4,250,000, secured by a multi-tenant office building located at 10930 West Potter Road in Wauwatosa, an inner-ring suburb just west of downtown Milwaukee, Wisconsin.
The loans were originated in December 2006 in the total amount of $4,250,000 for a six-year term maturity. The loan terms were the same, both were orriginated with a a fixed 6.79% interest rate. A forbearance agreement between the borrowers and lender was signed on December 22, 2011 and interest rate changed to 4.272%. The loans defaulted under the forbearance agreement on July 22, 2013, and a receiver was appointed February 22, 2014.
The loans are collateralized by a 29,214 SF office building in the Milwaukee MSA. The building is currently 77% occupied and is ideally located at the epicenter of southeastern Wisconsin’s healthcare, technology and innovation institutions. Immediately east of the Offering is the Milwaukee County Research Park, a 2,000,000 SF technology and innovation district which includes a divisional headquarters for GE Healthcare, along with offices for ABB Robotics, CliftonLarsonAllen, Zywave, Wipfli, United Health Care, Advicent Solutions, and many other startups and incubating companies.
Just 1.5 miles west of the collateral is the massive 2,518,000 SF Froedtert Hospital, Children’s Hospital, and Medical College of Wisconsin complex, which are nationally recognized for exceptional physicians and nurses, research leadership, specialty expertise, and state-of-the-art treatments and technology. This campus provides practice care in 37 specialties and is a major training and educational facility with more than 1,000 medical, nursing and health technical students in training.
The collateral is also ideally located 1.2 miles from the Zoo Interchange, southeastern Wisconsin’s most highly trafficked highway interchange (130,000+ VPD), providing easy access from the Property to virtually anywhere in the Milwaukee Metropolitan area. The Property’s excellent location combined with moderate in-place vacancy provides substantial value-add upside and the potential to raise rents and increase cash flow.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.