Map pinHouston, TX, US, Americas

$18.6 Million Non-Performing Loan | Houston, TX

$18.6 Million Non-Performing Loan  |  Houston, TX_Property for Sale

Attributes

Building area net
18,116 m²
Land area net
1.28 ha
Loan status
Non-Performing
Maturity date
15/09/2022
Unpaid principal balance
€17,307,879

Asset Description

THE INVESTMENT OPPORTUNITY

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of a $18.6 million non-performing loan (the “Loan”). Originated in March 2018, the Loan carried an interest rate of Prime + 0.50%. The Loan is currently in payment default and maturity default.

 

The Loan is secured by a first-lien mortgage on the fee simple interest in a two-building office property (the “Property” or “Collateral”) in Houston, Texas. The Property features approximately 195,000 SF of net rentable area between the two buildings. Constructed in 1978 and renovated in 1999, the six and seven story buildings were 16% leased as of June 2023. Perfectly suited for a redevelopment or multifamily conversion, the Property is positioned on a 3.17 acre site with direct proximity to the Galleria and the River Oaks neighborhoods, Houston’s most affluent neighborhoods.

 

The offering presents investors the opportunity to acquire a nonperforming loan with a potential path to ownership of an asset with considerable optionality.

...

Investment Highlights

Path to Ownership

The non-performing loan provides the ability to get to the fee simple ownership, via an expedited non-judicial foreclosure process, of an asset and land site with optionality.


Potential Conversion

With one building completely vacant and one building with low occupancy, the Property presents the ability for a multifamily conversion or redevelopment play.


Strong Location

Positioned in between the Galleria Submarket and the River Oaks neighborhood, the Property has endless potential.


Desirable Basis

Investors are provided optionality on a Loan at a basis well below replacement cost.

$18.6 Million Non-Performing Loan | Houston, TX (0 Properties)

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Last updated
11 Mar 2024