White Plains, NY
Jones Lang LaSalle, in conjunction with RealInsight Marketplace, is pleased to offer for sale a $32.2 million UPB non-performing loan (the “Loan”) secured by a first-lien leasehold mortgage on a 9-story retail and parking garage property (the "Collateral" or, the “Property”) located in White Plains, Westchester County, NY.
The 10-year, fixed rate Loan in the amount of $35,900,000 was originated in September 2011. The Loan defaulted in January 2020 and foreclosure proceedings commenced in March 2020. A Judgment of Foreclosure and Sale was entered by the Supreme Court of the State of NY – County of Westchester on October 1, 2020.
The Property consists of 3 levels of retail containing 259,409-SF of rentable space, with a 6-deck parking garage above, located in the heart of the White Plains CBD. At origination, the property was occupied by Burlington Coat Factory (upper level) and Walmart (lower level and street level). Walmart closed their store and went dark in August 2018 as the company pivoted away from multi-level store formats but continued to remit lease payments until their expiration in July 2021. Burlington Coat Factory vacated upon lease expiration in 2019. Consequently, the Property is currently 100% vacant.
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.