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Miami FL Commerical Note

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This client is looking for an end buyer to this note. The price range he is looking for is 81-84%. Please review the information below and reply if you are interested.



Take a look at this note and let me know if you are interested as soon as you can:



Property Type: Commercial (Retail Unanchored)

Payer’s Credit: Unknown

Property Value: 5,800,000

Owner Occupied: Yes

Seller Flip: NA

Sale Date: 10/10/2007

Sale Price: 4,183,500

Down Payment: 1,183,500

Property City: Miami

Property State: FL

Face Value of Note for Sale: 3,000,000

Note Balance: 2,948,500

Interest Rate: 6.47

Payment Amount: 18,903

# of Payments Made: 17

1st Payment Made On: 12/01/2007

# of Payments Remaining: 343

Next Payment Due Date: 06/01/2010

Loan to Value: 51

Current: Current and on Time

Balloon Payment Amount: 2,807,000

Balloon Payment Due On: 10/10/2012

Position of Note: 1st

1st Remaining Balance: 2,966,120

2nd Remaining Balance: NA


Comments: Amortization is I/O for the first 12 months; now it is 360 months. The loan is underwritten to CMBS (Commercial Mortgage Backed Securitization) standards, other than there being no personal guarantees of corporate partners in the businesses that occupy the subject real estate. It is Real Estate Secured. Seasoned, performing loan representing acquisition financing for a retail center built in 1987. Occupancy rate is 91.9%, since 07/15/2009. Purchase price including financing costs was $4,183,500; Borrower has $1,183,500, or 28.3%, cash equity into the transaction. Tenancies are well diversified amongst 18 tenants with the largest tenant occupying 25% of the space through 2016 (in place since 1996) and no other occupying more than 9% of the property. 72% of space is occupied by tenants who have been in place for more than five years, 41% more than 10 years. Reserves are held for Cap Ex, TI and LC's, RE Taxes and Insurance.


2007 NOI = $299,882


2008 NOI = $243,878


2009 NOI = 230,411 6 month annualized

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I read your post and was wondering why you dont use an Institutional Investor as you mentioned your looking for a buyer of the commercial note. It appears to have good seasoning and a down payment, the balloon payment making it attractive to an Inveswtor


Just curious,




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