597 Fifth Ave
597 5th Ave, New York, NY, 10017-1020, US
6 735 m²
Caractéristiques de l'actif
Surface de l'actif Net
19 324 m²
Status du prêt
non-performing loan
Origination Date
December 2021
Current Maturity Date
October 2025
Interest Rate
SOFR + 2.26%
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of an $84.1 million life science loan (the “Loan”). The Loan is collateralized by the first-lien mortgage on a recently converted life science building located in Long Island City, New York (the “Property” or “Collateral”), in addition to a pledge of the equity interests in the borrowing entity. The Loan is currently non-performing with a maturity date in October 2025.
The seven-story Property features approximately 208,000 square feet of net rentable area that is currently fully vacant. Current sponsorship invested approximately $77 million for the former office building renovation, which included primarily conversion costs to life science/lab space, building amenities, and spec suites for two full floors.
The offering presents investors the opportunity to acquire the loan on a recently renovated Property with a potential path to ownership due to an upcoming maturity date.
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Points clés d'investissement
Recently Renovated
Current sponsorship recently invested $77 million of capital primarily between building renovations and spec suites.
Lease Up Optionality
The fully vacant Property provides a blank canvas and optionality for a single tenant or multiple tenant lease up business plan.
Path to Title
The upcoming maturity date provides investors with a unique opportunity to acquire performing loan with a potential path to title.
Desirable Basis
Investors have the potential to step into the ownership position on a high quality asset at a favorable basis.
Média
$84.1 Million Life Science Loan | Long Island City, NY (0 actifs)
Contacter l'équipe
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Dernière mise à jour
30 oct. 2025