Retail

$14.0 Million Performing Loan

Santa Maria, California United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Loan Status Performing
Loan Count 1
Unpaid Principal Balance
Current Interest Rate 3.5%
Maturity Date 2023-06-01
Property Type Retail

Property Description

Jones Lang Lasalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $14.0 million performing loan (the “Loan” or “Note”) secured by a first-lien mortgage on a 331,804 SF mall located in Santa Maria, California (the “Property” or “Collateral”).  The Loan has a current principal balance of $13,993,645. It was originated in June 2018 as seller financing and structured with a three-year term (including two, one-year extension options), full-term I/O payments and a floating rate of L + 3.50%. At origination, the Note featured a maximum loan amount of $20,267,500 with $6,000,000 in future funding.


A modification took effect in June 2021, resulting in a one-year extension and pay down of the outstanding principal balance. The Loan has continued to perform per the terms of the modification agreement. This offering provides investors with a unique opportunity to acquire a performing note at an attractive basis with upcoming maturity dates providing additional optionality.

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Investment Highlights

PROVEN PERFORMANCE AND EXPERIENCED SPONSORSHIP

The Loan has continued to pay since origination and throughout the COVID-19 pandemic. The institutional sponsorship includes an experience mall owner operator. 

DESIRABLE BASIS

The current UPB ($42 PSF) represents a significant discount to replacement cost.

STRONG LOCATION

The Collateral’s infill location within downtown Santa Maria is adjacent to several local government offices and near residential and commercial density.

OPTIONALITY

The near-term maturity in June 2022 affords investors additional optionality. The extension option was structured with a 0.25% fee.

CASH MANAGEMENT

Property level cash flow is currently being swept to a lockbox.

Last Updated Date: 30 Sep 2021
Tom Hall
Tom Hall
Managing Director, Capital Markets
Kyle Kaminski
Kyle Kaminski
Vice President, Production Support

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Last Updated Date: 30 Sep 2021

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