JLL’s capital markets team has been engaged to market the sale of a $22.5 million non-performing multi-housing loan secured by the first mortgage on a low-rise, garden-style apartment property located in Houston.
The loan was originated in September 2016 and is currently in maturity default, offering investors a unique opportunity to acquire a non-performing note at an attractive basis. Investors will also have the opportunity to modify or pursue title to the property. A foreclosure sale is currently schedule for January 5th, 2021. Call for Offers on the loan sale are Wednesday December 16th, 2020.
The property is positioned about 10 miles northeast of Downtown Houston near various retail and other desirable residential properties.
The JLL capital markets team representing the seller includes managing director Tom Hall and senior directors Chris Young and Joey Rippel.
“Given the increased efficiency in the secondary market from past cycles, we continue to see lenders elect to sell their loan positions instead of stepping into title,” said Hall. “We expect to see strong interest in the offering as it is rare to see non-performing multi-housing notes today.”
