$20.2 Million | Non-Performing CMBS Mixed-Use Loan | New York, NY

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis by the Seller, a CMBS Special Servicer, to arrange the sale of a $20.2 million non-performing mixed-use loan (the "Loan"). The Loan is secured by a first lien position on a four-story retail and office property in New York, NY (the "Collateral" or "Property"). The Loan was originated in November 2012 and had an original principal balance of $23.0 million with a fixed interest rate of 4.35%. The Loan went non-performing as a result of a payment default in July 2019. In May 2025, a judgement was entered to authorize the foreclosure sale of the property, and a sale date is set for September 2025. As of June 2025, the Loan is non-performing and has a current unpaid principal balance of $20.2 million.

The Collateral comprises a four-story, walk-up mixed-use building that was constructed in 1900 and renovated in 2002. Strategically positioned in one of Manhattan's most sought-after live/work/play districts, the property maximizes its compact 2,375 square foot footprint to deliver 13,102 square feet of flexible space, anchored by 4,165 square feet of coveted ground-floor retail frontage. As of May 2025, the Property was 31.8% occupied.