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Miami FL Commerical Note

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#1 ando638



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Posted 06 May 2010 - 10:12 AM


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



    Wheelin' and Dealin'

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Posted 11 June 2010 - 10:58 AM


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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