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Classic Auction - Retail

Non-Performing Note Secured by 8 Freestanding Retail Properties in the Southeast

Various, Various

ClosedJuly 22nd, 2020
This asset was part of the June 25th, 2020 sale event, resulting in a successful transaction that closed in just 27 days.

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  • Asset Type
  • Note
  • Property Type
  • Retail
  • Loan Status
  • Non-Performing
  • Original Balance
  • $10,120,600
  • Unpaid Balance (UPB)
  • $9,647,665
  • UPB As Of Date
  • May 11, 2020
  • Origination Date
  • Apr 11, 2016
  • Maturity Date
  • May 05, 2026
  • Loan Rate
  • 5.45%
  • Loan Count
  • 1
  • Land Area
  • 16.09 Acres
  • Year Built
  • 2010 - 2015
  • Number of Buildings
  • 8
  • Occupancy
  • 0%
  • Occupancy as of
  • May 01, 2020
  • Retail Type
  • Freestanding Retail
  • Anchor
  • No
  • Property Size
  • 127,482 Sq Ft

Non-Performing Note Secured by 8 Freestanding Retail Properties in the Southeast

Investment Highlights

  • Direct Sale From Special Servicer: This sale provides investors with a unique opportunity to acquire a non-performing loan directly from a special servicer.
  • Multiple Use-Options: With no encumbrances in-place, the Collateral can be re-leased for retail or potentially re-purposed into industrial given the Collateral’s proximity to major transportation thoroughfares.
  • Loan Status Offers Investor Optionality: The Loan is in monetary default which presents investors the optionality to attempt to modify the Loan terms or pursue remedies.
  • Favorable Basis: With the non-performing nature of the Loan and the Collateral’s current status, this sale provides investors an opportunity to acquire a Loan well below the Collateral’s replacement costs.
  • Clear Path to Title: Acquisition of the Loan in receivership allows an investor an expedited path to title.

 

Executive Summary

Jones Lang LaSalle (“JLL”), in conjunction with RealINSIGHT Marketplace, has been retained by the Seller on an exclusive basis to arrange the sale of a non-performing senior mortgage loan with an unpaid principal balance of $9.6M (the “Loan”). The Loan is cross-collateralized by eight former Fred’s Pharmacy buildings located throughout the Southeast (the “Property” or the “Collateral”). The subject Loan includes the following attributes:

  • Originated in April of 2016, structured with a fixed-rate of 5.45% for a 10-year term and amortizing on a 30-year schedule.
  • Loan was transferred to special servicing in August of 2019 due to imminent monetary default when Fred’s Pharmacy filed for bankruptcy protection and announced they were closing all of their stores.
  • A receiver was appointed in February 2020, providing transparency into operations at the assets.
  • Sale of the Loan in receivership provides a potential investor with a clearer path to title.


The offering provides investors the unique opportunity to acquire a non-performing loan collateralized by eight well-located boxes in some of the Southeast’s top performing retail markets. 

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.

ClosedJuly 22nd, 2020
This asset was part of the June 25th, 2020 sale event, resulting in a successful transaction that closed in just 27 days.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

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