Willard Street Apartments | Non-Performing Loan Sale
21 Willard Street, Hartford, CT, 06105, US
Attributes
Origination Date
June 2022
Maturity Date
June 2029
Current Principal Balance
$3,840,000
Unpaid Principal Balance
$3,551,665
Occupancy (As of 10/27/2026)
85.45%
No. of Residential Units
49
No. of Commercial Units
6
Call for offers
12/14/2026
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a 3.5 million non-performing multifamily loan (the “Loan” or “Note”) The Loan is secured by a first lien on Tower View Apartments (the “Property”), a mixed-use multifamily Property constructed in 1910 and located at 380 West Main Street in downtown Waterbury, Connecticut. The Property contains 49 apartments and six commercial units.
Originated in June 2022, the loan had an original principal balance of $3.8 million and included a seven-year term with a fixed-rate of 3.52%. In May 2026, a notice of default was sent that fully accelerated and was followed by a filed complaint in July 2026 seeking foreclosure and the appointment of a receiver. Subsequently, a court ordered receiver was approved and put in place at the Property.
The offering presents investors with the opportunity to acquire a non-performing Loan at a significant discount to replacement. Additionally, with a receiver in place and foreclosure initiated, the purchaser of the Note will step into the lender position with their rights and remedies already being enforced.
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Investment Highlights
Strategic Location with Unmatched Commuter Convenience
The Property sits in downtown Waterbury on West Main Street in the Central Business District zone providing access to public transit including bus service along West Main Street, a train station roughly one-half mile away, and Interstate 84.
Strong Submarket Fundamentals
The Properties are located in submarkets with strong multifamily fundamentals, including an average vacancy rate of approximately 6%.
Diversified Revenue Streams
The property includes commercial units as well as residential units allowing an investor to step into an asset with diversified revenue streams.
Value Add Business Plan Opportunities
A large portion of the in-place rents across the occupied apartments represent below market rents providing investors with a significant value add opportunity.
Potential Path to Ownership
The non-performing loan provides investors with a direct path to ownership with an official foreclosure complaint filed and a receiver already in place.
Media
Tower View Apartments | Non-Performing Loan Sale (0 Properties)
