Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $24.0 million performing loan (the “Loan” or “Note”) secured a first-lien deed of trust on the fee simple interest in two cross-collateralized office properties (the “Properties” or “Collateral”). The Collateral consists of a 93,944 SF class-A office property and a 65,673 SF class-B office property both located in downtown Denver.
The Note was originated in December 2016 to the Sponsor to acquire the subject Properties. The Loan is structured with a floating interest rate of AMERIBOR + 2.20% and monthly payments of principal & interest. The Loan has a seasoning of 88 months and a maturity date of December 13, 2024. The Note currently carries a 14.0% debt yield and 512.6% LTV. The offering provides investors the opportunity to acquire a performing Note with a near-term maturity.
WELL-SECURED LENDER BASIS
The Loans are well-secured by the underlying assets with an LTV of 51.6%.
STRONG IN-PLACE CASH FLOW
The two Properties produce robust cash flow resulting in a 14.0% debt yield.
PROVEN BORROWER COMMITMENT
With a seasoning of 88 months, the Sponsor has proven their commitment to the Properties.
RECENT PROPERTY RENOVATIONS
In 2020, the Sponsor invested in extensive capital and cosmetic improvements, including upgrades to the lobbies, common corridors, and restrooms.