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Marketplace Listing - Mixed Use

$88.2MM Loan Portfolio Sale

Unlisted

Asking Price:
  • Occupancy Percent
  • 0 %

Hotel

Hasbrouck Heights, NJ

  • Asset Type
  • Note
  • Property Type
  • Mixed Use
  • Loan Rate
  • 0.00%

$88.2MM Loan Portfolio Sale

BEST AND FINAL BIDS DUE 9/28/21


Newmark is pleased to present the opportunity to acquire a ~$88.2 million UPB, Loan Portfolio (the “Portfolio”) comprised of seven (7) assets, ~$12.6 million AVG UPB, with collateral in NJ (40%), NY (38%), PA (12%), and MN (10%). 

The Portfolio includes two (2) senior hospitality loans with a total principal balance of $35.4 million (40% of UPB), and five (5) senior retail loans with a total principal balance of $52.8 million (60% of UPB). The Loans feature 3.75% WAC, 85% LTV, and 2/10/25 WAM.  Additionally, there are two (2), two-asset each, retail relationships representing 38% and 10% of total UPB respectively.

The asset mix consists of five (5) Performing (62% of UPB I 3.55% WAC I 73% LTV I September 2023 maturity), one (1) Sub-performing (17% of UPB I 3.86% coupon I 94% LTV I April 2027 maturity) and one (1) Non-performing (21% of UPB I 154% LTV).

The Collateral includes two (2) commercial property types i.e. hospitality and retail. The largest concentration is in retail (60%).

This is an attractive offering from a regional bank, to be sold on a portfolio, sub-portfolio or individual asset basis.


INVESTMENT HIGHLIGHTS

The Offering
Opportunity to acquire a $88.2 million PL/ NPL Loan Portfolio almost evenly diversified by collateral type and offering critical mass in NJ and NY
Flexibility to bid on a portfolio, sub-portfolio or individual asset basis
38% of the UPB is comprised of one relationship
$88+ million balance allows for sizable investment
The loans are directly from a regional bank

Attractive Metrics
The Portfolio is comprised of 7 loans with average size of $12.6 million, 85% LTV, 2/10/25 WAM and 3.75% current WAC
Of that, 5 Performing loans (62% of UPB) have an average size of $11.0 million, 73% LTV, 9/15/23 WAM and 3.55% current WAC
One is Sub-performing (17% of UPB ) with a $14.9 million balance, 94% LTV, 4/1/27 maturity and 3.86% coupon
The remaining asset is Non-performing (21% of UPB) with a $18.4 million balance and 154% LTV

Lien Positions
Investors have the opportunity to acquire loans offering exceptional security via first positions, guarantees for most and associated rights

Collateral
Collateral is comprised of two hotels, Sheraton and Hilton, representing 40% of UPB and four retail properties, 60% of UPB, consisting of two condos in NYC, community center in PA and a single-tenant retail in MN

Geography
The Assets are secured by properties with locations in four states i.e. NJ (40%), NY (38%), PA (12%) and MN (10%) providing exceptional concentration in NJ and NY
Download Offering Memorandum

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.

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