$22.5 Million Non-Performing CMBS Loan_Property for Sale
$22.5 Million Non-Performing CMBS Loan_Property for Sale
Frankfort, KY, US

$22.5 Million Non-Performing CMBS Loan

Asset description

Jones Lang LaSalle Americas, Inc (“JLL”)

has been retained on an exclusive basis to

arrange the sale of a $22,580,000 loan (the

“Loan”) secured by a fi rst-lien mortgage

on a 379,135-SF portfolio of fi ve off ice

properties (the “Portfolio” or “Properties”)

located throughout Frankfort, KY. The Loan

was originated in January 2019 to fi nance

the acquisition of the Properties which

were acquired in two separate transactions.

The ten-year Loan required 48 months of

interest-only payments based on a fi xed

5.150% rate with principal and interest

payments due to commence in March 2023.

The Loan went into default in October 2022

and was accelerated in December 2022 with

default interest now accruing.

Important Dates:

Indicative Bid Date: Thursday, May 11, 2023

Best & Final Date: Thursday, June 1, 2023

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$22.5 Million Non-Performing CMBS Loan



Loan Status
Loan Count
Current Interest Rate
Maturity Date
Listing Type


Investment highlights


The Loan is in default and cash fl ow is insuff icient to continue to pay future debt service

payments. It is anticipated that a receiver will be in place before the end of April.


The fi ve Properties consist of diff erent styles and sizes of buildings with varying levels of

occupancy, which could allow for value to be realized by selling the individual properties

separately. The largest property is a mix of off ice and fl ex buildings situated on a more than

25-acre campus-like setting.


Current Portfolio occupancy is 55.1%. Despite the drop in occupancy since Loan origination,

the Portfolio is expected to continue to generate approximately $1.4 million of net operating


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$22.5 Million Non-Performing CMBS Loan (0 Properties)

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Last updated
Apr 20, 2023