Exton Square
US - Exton, Americas
91,934 sm
Attributes
Building area net
15,503 sm
Occupancy
83%
Year built
2001
Unpaid principal balance
₱1,924,329,812
Building class
A
Loan status
Non-Performing
Current interest rate
7.61%
Maturity date
12/01/2023
Asset description
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller to arrange the sale of a $33.5mm non-performing retail loan (the "Loan" or "Note"). The Loan is secured by the first-lien mortgage on the fee-simple interest in a class A retail property in King of Prussia, PA (the "Property" or "Collateral"). In December 2023, the Loan went non-performing as a result of a maturity default.
The Collateral is comprised of a 3-story retail property located in King of Prussia, an affluent suburb of Philadelphia, PA. Built in 2001, the 166,875 SF Property is directly attached to a major shopping center and was 83% occupied as of September 2023. Featuring multiple high-performing tenants, the Property is advantageously located in one of the nation's premier shopping hubs with direct access to to Routes 202, 76, 422 and the Pennsylvania Turnpike.
The offering presents investors the opportunity to acquire the Loan at a favorable basis, with a potential path to ownership.
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Investment highlights
Path to Ownership
The non-performing Loan provides investors the ability to potentially step into the ownership position on a class-A property at an attractive basis.
Healthy Sales Productivity
With total sales at the property having increased approximately 10% since 2019, most of the retailers at the property are generating sales near, or above their respective chain averages.
Unparalleled Demographics
Situated in a densely-populated and well-heeled trade area, this location benefits from 637,100 thousand residents inside a 10-mile radius with an average household income of $170,800.
Highly-Trafficked Shopping Destination
Averaging 1.6M annual visitors, the shopping center ranks in the top 77th percentile in annual visitors for shopping centers in the U.S.
Media
$33.5 Million Non-Performing Retail Loan | King of Prussia, PA (0 Properties)
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Last updated
Mar 13, 2024