|Property Type||Multi-housing / PRS,Multi-housing / PRS|
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to arrange the sale of a $7.6mm non-performing mixed-use loan (the "Loan" or "Note"). The Loan is secured by the first-lien mortgage on the fee simple interest in a multifamily/office mixed-use property in Brooklyn, NY (the "Property" or "Collateral"). The Loan went non-performing as a result of a payment default in January 2021.
The Collateral is comprised of a newly constructed, mixed-use property composed of eleven (11) residential units and sixteen (16) office units. In addition, the Property features six (6) garage parking spaces along with three (3) storage units. Well positioned in the Williamsburg neighborhood, the Collateral enjoys immediate access to Manhattan transportation and a premier work, live and play neighborhood.
The offering presents investors the opportunity to acquire the non-performing loan at an extremely attractive basis with a potential path to title.
Indicative Bid Date: Thursday, November 4th
Best & Final Date: Monday, November 8th
Closing: Week of November 29th
Desirable Basis Investors have the potential to step into the ownership position on a newly constructed mixed-use property at a favorable basis.
Path to Title The maturity defaulted Loan provides investors with a unique opportunity to acquire a non-performing loan with a path to title.
Strong Location The property is positioned in a distinguished work, live and play neighborhood with immediate access to transportation for the Manhattan commuter.
Sizeable Units With an average unit size of 1,418 SF, the property offers spacious and luxurious residential units.