3850 SE Three Mile
US - McMinnville, OR
¥698,281,000 | 2,309 sm
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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Attributes
Loan Status
Non-Performing
Loan Count
1
Current Interest Rate
5.15
Maturity Date
02/06/2029
Listing Type
Office
Media
Investment highlights
NON-PERFORMING
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.
SUM OF THE PARTS
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.
CASH FLOWING & ATTRACTIVE YIELD
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
income.
Contact brokers
$22.5 Million Non-Performing CMBS Loan (0 Properties)
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Last updated
Apr 20, 2023
