Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of a $18.6 million non-performing loan (the “Loan”). Originated in March 2018, the Loan carried an interest rate of Prime + 0.50%. The Loan is currently in payment default and maturity default.

The Loan is secured by a first-lien mortgage on the fee simple interest in a two-building office property (the “Property” or “Collateral”) in Houston, Texas.  The Property features approximately 195,000 SF of net rentable area between the two buildings. Constructed in 1978 and renovated in 1999, the six and seven story buildings were 16% leased as of June 2023.  Perfectly suited for a redevelopment or multifamily conversion, the Property is positioned on a 3.17 acre site with direct proximity to the Galleria and the River Oaks neighborhoods, Houston’s most affluent neighborhoods.

The offering presents investors the opportunity to acquire a nonperforming loan with a potential path to ownership of an asset with considerable optionality.