|Année de construction||1983|
The collateral consists of a 6-story office building totaling 113,803 SF and an 8-story building totaling 154,957 SF. As of the most recent rent roll, the Collateral was 56% occupied. The Collateral enjoys direct access to George Bush International Airport along John F Kennedy Boulevard. The offering provides investors with the opportunity to acquire a restructured performing loan secured by a high-quality office property in a major market.
Jones Lang LaSalle has been retained by the Seller on an exclusive basis to arrange the sale of a $9,725,000 commercial mortgage loan modified performing (the “Loan”) secured by a first-lien deed of trust on the fee simple interest in a two-building, 268,760 SF office property in Houston, TX (the “Collateral”). Originated in April 2013 in the amount of $12,750,000, the Loan has been modified several times, most recently in January 2020. Under the terms of the modification, the interest-only Loan was extended to mature in March 2024. While the Loan accrues interest at 5.00%, the current pay rate is 2.00%. The rate is scheduled to step up 1.00% annually on February 1st until maturity.