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Marketplace Listing - Retail

$14 Million Performing Retail Loan Santa Maria

Garey, CA

Unlisted

Asking Price:
  • Asset Type
  • Note
  • Property Type
  • Retail
  • Unpaid Balance (UPB)
  • $14,000,000
  • Anchor
  • No

$14 Million Performing Retail Loan

Jones Lang Lasalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $14.0 million performing loan (the “Loan” or “Note”) secured by a first-lien mortgage on a 331,804 SF mall located in Santa Maria, California (the “Property” or “Collateral”).  The Loan has a current principal balance of $13,993,645. It was originated in June 2018 as seller financing and structured with a three-year term (including two, one-year extension options), full-term I/O payments and a floating rate of L + 3.50%. At origination, the Note featured a maximum loan amount of $20,267,500 with $6,000,000 in future funding.

A modification took effect in June 2021, resulting in a one-year extension and pay down of the outstanding principal balance. The Loan has continued to perform per the terms of the modification agreement. This offering provides investors with a unique opportunity to acquire a performing note at an attractive basis with upcoming maturity dates providing additional optionality.
CLICK HERE TO VIEW DEAL HIGHLIGHT VIDEO

 

Investment highlights

PROVEN PERFORMANCE AND EXPERIENCED SPONSORSHIP

The Loan has continued to pay since origination and throughout the COVID-19 pandemic. The institutional sponsorship includes an experience mall owner operator. 

DESIRABLE BASIS

The current UPB ($42 PSF) represents a significant discount to replacement cost.

STRONG LOCATION

The Collateral’s infill location within downtown Santa Maria is adjacent to several local government offices and near residential and commercial density.

OPTIONALITY

The near-term maturity in June 2022 affords investors additional optionality. The extension option was structured with a 0.25% fee.

CASH MANAGEMENT

Property level cash flow is currently being swept to a lockbox.

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.

Unlisted

Asking Price:

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