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Classic Auction - Retail

$7.23 Million UPB Loan | High-Yield Mortgage

Turnersville, NJ

ClosedOctober 7th, 2021
This asset was part of the September 23rd 2021 sale event, resulting in a successful transaction that closed in just 14 days.

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  • Asset Type
  • Note
  • Property Type
  • Retail
  • Loan Status
  • Performing
  • Original Balance
  • $11,000,000
  • Unpaid Balance (UPB)
  • $7,236,811
  • UPB As Of Date
  • Sep 01, 2021
  • Origination Date
  • Jan 09, 2008
  • Maturity Date
  • Feb 01, 2023
  • Loan Rate
  • 6.72%
  • Loan Count
  • 1
  • Land Area
  • 25.00 Acres
  • Year Built
  • 1990
  • Parking Count
  • 980
  • Occupancy
  • 86.00%
  • Occupancy as of
  • Jul 06, 2021
  • Retail Type
  • Community Center
  • Anchor
  • Yes
  • Anchor Tenant(s)
  • Burlington Coat Factory and Esporta Fitness
  • Property Size
  • 200,061 Sq Ft

Above Market Coupon | Low Leverage | Strategically Located Retail

Investment Highlights

Above Market Coupon: Rare 6.72% fixed coupon offering attractive yield.
Leverage Level: Very low current basis at ~$37 PSF. 
Lien Position: Investors have the opportunity to acquire a Mortgage Loan presenting exceptional security via the first position, guaranty of payment and performance, and associated rights.
Time: The Loan features 162 M seasoning and ~18 M remaining.
Unmatched Location: The collateral is located along the Rt. 42 retail corridor in Washington Township, a strong retail node with numerous shopping centers.  It is the first center located along Route 42 after it splits from the Atlantic City Expressway.

Investment Summary

Newmark and Marketplace are pleased to present the opportunity to acquire a $7.23 Million senior mortgage loan (the “Loan”) secured by a retail community shopping center located in Washington Twp, NJ (the “Collateral” or “Property”). The Loan, originated on January 9, 2008 and maturing on February 1, 2023, carries an above-market 6.72% fixed coupon.  

The Collateral is a 200,061 SF shopping center on 25 acres, anchored by Burlington Coat  Factory and LA Fitness dba Esporta Fitness (new brand launched in the fall of 2020). The remaining roster is comprised of Bear Paddle Swim School, TGI Friday’s, Police & Fire Federal Credit Union, and La Belle Vie Salon. 

Strategically located with substantial frontage along Black Horse Pike (Route 42) which features 49,000 ADT, the Property is the first center after the road splits from the Atlantic City Expressway.  The Route 42 corridor in Washington Twp is a strong retail node with numerous shopping centers, hotels and restaurants.

This opportunity presents investors with the ability to acquire an attractive, low-leverage ($37 PSF), high-yielding performing loan secured by an exceptional retail asset.

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.

ClosedOctober 7th, 2021
This asset was part of the September 23rd 2021 sale event, resulting in a successful transaction that closed in just 14 days.

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

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.