Berkadia - Shorter College MF

Jones Lang LaSalle (“JLL”) and RealInsight Marketplace are pleased to offer for sale a $4.5 million non-performing multifamily loan (the “Loan”). The Loan is secured by a first lien position on a 15-building multifamily property in Little Rock, AR (the “Collateral” or “Property”). Originated in November 2019, the Loan had an initial principal balance of $4.5 million with interest-only payment terms at a fixed rate of LIBOR plus 3.50%. Originally scheduled to mature in September 2020, the Loan received multiple extensions through November 2022, after which it became non-performing due to maturity default. As of July 2025, the Loan has a current unpaid principal balance of $4.5 million.

The collateral comprises a 15-building multifamily property originally constructed in 1967 on 10.73 acres in North Little Rock, Arkansas. The property was initially developed with 196 units but lost 16 units due to a fire in one of the buildings, reducing the total unit count to 180 units. Located near Shorter College, the community offers residents a playground, barbecue areas, and clubhouse amenities. The property operates under a HUD Housing Assistance Payment (HAP) contract, which HUD has initiated non-renewal proceedings for. As of June 2025, the property was 44.4% occupied.