$70.96 Million Performing NYC Loan Relationship

Jones Lang LaSalle Americas, Inc (“JLL”) has been retained on an exclusive basis to arrange the sale of a $70,960,000 loan relationship consisting of nine performing loans secured by nine (9) first-lien mortgages on pre-war mixed-use properties located in the Manhattan borough of New York, NY.

The Loans were originated between April 2010 and July 2018. The Properties consist of 9 pre-war mixed-use buildings with ground floor retail totaling 17,970-SF of rentable area and 83 apartment units, 62 of which are free market. In total, the apartments were 91.6% occupied on a per unit basis with the retail spaces 66.5% occupied on a PSF basis as of July 2023.

In August 2021, the Loans were extended to July 1, 2023, with a potential 1-year extension option, and a portion of interest deferred for each Loan.

On July 6, 2023, the sponsor made a partial principal payment of $9,413,070.08 to meet an extension requirement, which reduced the total unpaid principal balance to its current $70,960,000. The Loans are current and paying as agreed with a maturity date of July 1, 2024.