Rogue Valley Village
3761 South Pacific Highway, Medford, OR, 97501, US
IDR 52,105,463,000 | 76 units
Asset Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $121.2
million multifamily loan (the “Loan” or “Note”). The Loan is secured by the first priority mortgage in two gardenstyle
apartment complexes located in suburban Orlando, FL (the “Property,” “Properties,” or “Collateral”). In
addition, the Loan features a pledge of equity on the mortgage borrowing entity’s interest that owns the fee
simple interest in the Properties. As of September 2024, the Loan is non-performing, with an unpaid principal
balance of $121,244,398.
Totaling 560 units, the class A apartment complexes were constructed in 1989 and 2000 and partially renovated
from 2022-2024. Benefiting from recent enhancements, the Properties feature numerous luxury-level amenities,
including resort-style pool & sun deck, modern fitness center, outdoor kitchen and grill, smart thermostats,
quartz countertops, and stainless-steel appliances. As of July 2024, the Properties feature a weighted average
occupancy of 93.6%.
The offering presents investors the unique opportunity to acquire the Loan at an attractive cost basis, significantly
below replacement cost, with a potential path to ownership through a UCC foreclosure process via a pledge of
equity.
...
Attributes
Number of units
560
Unpaid principal balance
IDR 1,943,844,748,715
Current interest rate
8.39%
Maturity date
10/04/2025
Media
Investment Highlights
Recent Capital Improvements
Benefiting from $7 Million ($12.5K per unit) of capital improvements & rent premiums since 2022, the
Properties have experienced significant upgrades to the common area, unit exterior & façade, and unit
interiors, where approximately 60.4% of units have been renovated, commanding a rent premium of
$455.
Pledge of Equity
The Loan is structured with a pledge of equity, significantly shortening the path to ownership through
the UCC foreclosure process.
Strong In-Place Cash Flow
As of July 2024, the Properties are producing strong in-place cash flows, with a combined July T-12
NOI of approximately $6.1 Million, derived from a weighted stabilized tenant base occupying 93.6% of
the Properties.
Attractive Basis
At $121.2 Million in total unpaid principal balance, Investors have the potential to step into the ownership
position on a recently renovated multifamily property at a discount to the Borrower’s acquisition basis
in 2022.
Strong Demographic Fundamentals
Conveniently located within the Sun Belt in suburban Orlando, the Properties benefit from strong
demographic trends, such as having the 6th highest population growth in the past three years and July
year-over-year employment growth of 1.9%.
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$121.2 Million Multifamily Loan | Orlando, FL (0 Properties)
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Last updated
13 Dec 2024
