Jones Lang LaSalle and RealINSIGHT Marketplace are pleased to present the opportunity to acquire a $24,269,451 non-performing commercial loan secured by a first-lien Deed of Mortgage on 283,454 SF retail shopping center located in Caguas, Puerto Rico.
The loan was originated in January 2011 in the amount of $28,000,000, for a 10-year term maturing February, 2021 (the “Loan” or “Note). At origination, the Loan was structured with a 6.25% fixed rate amortizing over a 30-year term. The Loan initially went non-performing as a result of the effects of Covid-19 in April 2020. After being brought current three months later in July 2020, the Borrower subsequently defaulted and currently remains past due for the August 2020 payment. The Loan maturity defaulted in February 2021. Foreclosure has been initiated and a Receiver is currently in place.
The collateral for Loan consists of a 283,454 SF retail shopping center located in Caguas, Puerto Rico (the "Collateral" or, the "Property"). The Property is currently anchored by Burlington Coat Factory and is 50.0% occupied as of July 2021, with 28 of 36 total tenant spaces currently occupied. The Collateral is situated on a 25.24-acre site zoned UC-4, and is well located with good access and visibility along a major thoroughfare.
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.