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Southeast | Retail + NPL | Closed on RealINSIGHT Marketplace

  • Sep 11, 2020
  • Marketplace Closings

Non-performing note sale on RealINSIGHT Marketplace marks the first of an expected trend of note sale opportunities.

RealINSIGHT Marketplace and JLL Capital Markets have closed on the sale of a non-performing note secured by a retail portfolio in four states across the Southeast. With an unpaid principal balance of $9.6M the loan was collateralized by eight former Fred’s Pharmacy buildings in Louisiana, Arkansas, Mississippi, and Georgia.

The sale was the first on Marketplace of an expected wave of opportunities post-pandemic for investors to acquire non-performing loans directly from a special servicer. The response from the market was strong, drawing interest from 31 states and Canada, and resulting in 13 registered bidders competing on auction day.

With a transparent process the transaction closed in just 10 business days after approval.

The eight assets are located in different markets, posing a challenge for new ownership.  With increased risk from varying geographic locations and the challenging retail economic environment the results of the auction stood out.  The ability of Marketplace to exceed seller expectations in the current environment demonstrates how the platform can reach a depth of investors. Marketplace’s industry experience and close working partnerships with brokers continues to drive success for our sellers, even in a disrupted landscape.

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