River East Center
1515 SE Water Ave, Portland, OR 97214
9 290 mètres carrés
Description de l'actif
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $10 million performing office loan (the “Loan” or “Note”). The Loan is secured by the open-end mortgage on two office condominium building units, located in Suburban Philadelphia, PA. (the “Property” or “Collateral”).
The Collateral is comprised of two, freestanding office condominium buildings units within a master-planned park containing offices and hotels. Constructed from 2004-2005, the three-story Property is conveniently located along Pennsylvania Route 611 and totals approximately 120,000 rentable square feet. As of December 2024, the Property was 68.2% occupied and benefits from a WALT of 2.4 years.
Originated in June 2021 and maturing in August 2027, the Loan features a floating interest rate of SOFR + 5.61% and has an attractive in-place debt yield of 10.21%. Currently in cash management, the Loan is performing with an unpaid principal balance of approximately $10 million.
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Attributs
Superficie du bâtiment brute
11 148 mètres carrés
Occupation
68,2 %
Année de construction
2004
Nombre de bâtiments
2
Nombre d'étages
3
WAULT
2.4 années
Appel d'offres
2025-04-17
Média
Points forts de l'investissement
Attractive Coupon
The Loan is structured with an attractive floating rate coupon of SOFR + 5.61%.
Buyer Optionality
While the Loan features an in-place debt yield of 10.21%, there is fluidity in the rent rollover schedule over the 29 months of term remaining. The potential variance in the Collateral’s occupancy going forward and the resulting impact to the Loan’s performance, could lead to various potential resolution strategies for investors.
Strong Demographics
Within a one-mile radius of the Property, the area exhibits robust demographics, with an average household income of $171,000 and over 47% of the population possessing a bachelor’s degree or higher.
Exceptional Access & Strategic Location
The Property is conveniently located along Pennsylvania Route 611, a major transportation artery connecting downtown Philadelphia to the surrounding suburban communities. Additionally, the Property is positioned within close proximity to key retail centers and community amenities.
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$10 Million Performing Office Loan | Suburban Philadelphia, PA (0 Propriétés)
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Dernière mise à jour
21 mars 2025
