Johnson Street Apartments | Non-Performing Loan Sale
42 Johnson Street, Waterbury, CT, 06710, US
48 units
Attributes
Origination Date
June 2022
Maturity Date
June 2029
Current Principal Balance
$2,912,000
Unpaid Principal Balance
$2,716,904
Occupancy (As of 3/31/2025)
77.78%
No. of Units
27
Call for offers
12/14/2026
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $2.7 million non-performing multifamily loan (the “Loan”). The Loan is secured by a first lien on 17-21 Willard Street Apartments (the “Property”), a 27-unit, three-story brick building constructed in 1929 in Hartford, Connecticut. As of 3/31/2025, the property is 81.5% occupied.
The Loan was originated in June 2022 with an original principal balance of $2,912,000, a seven-year term, and a fixed-rate of 3.46%. The servicer issued a notice of default in October 2024 for a change in property management made without lender consent, accelerated the Loan on May 7, 2026, and filed a complaint on July 1, 2026 seeking foreclosure and the appointment of a receiver. A court order receiver is now in place at the Property.As of October 14, 2026, the Loan has an unpaid principal balance of $2,716,903.92.
The offering gives investors the opportunity to acquire the Loan, which has amortized by $195,096.08 since origination, together with the lender’s position in the pending enforcement action. The terms of the sale will govern the assignment of the lender’s rights.
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Investment highlights
Strategic Location with Excellent Connectivity
The Property benefits from easy access to Asylum Ave providing direct access into the Hartford central business district, Interstate 84 is less than one mile from the Property, and St. Francis Hospital is within walking distance.
Value Add Opportunity
The property has vacant and down units as of February 1, 2026 rent roll with monthly rents roughly 3.3% below market across the property.
In-Place Receiver
The Properties have court-appointed receivers in place.
Potential Path to Ownership
The non-performing Loans provide investors with a potential path to title at a significant discount to replacement cost.
Media
Willard Street Apartments | Non-Performing Loan Sale (0 Properties)
