Description du portfolio
Jones Lang LaSalle Americas, Inc (“JLL”) has been retained on an exclusive basis to arrange the sale of a $70,960,000 loan relationship consisting of nine performing loans secured by nine (9) first-lien mortgages on pre-war mixed-use properties located in the Manhattan borough of New York, NY.
The Loans were originated between April 2010 and July 2018. The Properties consist of 9 pre-war mixed-use buildings with ground floor retail totaling 17,970-SF of rentable area and 83 apartment units, 62 of which are free market. In total, the apartments were 91.6% occupied on a per unit basis with the retail spaces 66.5% occupied on a PSF basis as of July 2023.
In August 2021, the Loans were extended to July 1, 2023, with a potential 1-year extension option, and a portion of interest deferred for each Loan.
On July 6, 2023, the sponsor made a partial principal payment of $9,413,070.08 to meet an extension requirement, which reduced the total unpaid principal balance to its current $70,960,000. The Loans are current and paying as agreed with a maturity date of July 1, 2024.
Caractéristiques de l'actif
Points clés d'investissement
The Sponsor demonstrated commitment to the Loan Relationship and Properties by making a partial principal payment of $9,413,070.08 in July 2023 in order to exercise the contractual extension option for each of the Loans.
The Loan Relationship carries a weighted average coupon of 5.881%, with 2/3 of the Loans carrying variable rates in line with current market conditions.
The Loan Relationship matures in less than 12 months which provides the potential Loan Relationship buyer the initial opportunity of any future refinancing and workout decisions.