Hotels & hospitality

$9.2 Million Non-Performing Loan

Documents

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Attributes

Loan Status Non-Performing
Property Type Hospitality

Portfolio description

Jones Lang LaSalle (“JLL”) has been retained by the Seller on an exclusive basis to arrange the sale of a $9,162,076 non-performing loan (the “Loan”). Originated on December 1, 2013 in the amount of $9,870,131, the Loan is structured with a 10-year term maturing December 6, 2023. The Loan was interest only for the initial 3 years and currently requires fixed monthly payments of $53,106 based on a fixed 5.02% interest rate and a 30-year amortization schedule. Interest accrues based on an actual/360-day count method.


The Loan is secured by a first-lien Deed of Trust on a 117-key, limited-service hotel in the Pittsburgh MSA (the “Collateral”, “Hotel”, or the “Property”). The 4-story property was originally constructed in 1985 on 2.5 acres and was most recently renovated in 2013. Amenities include meeting space, a business center, a fitness center, and an indoor pool.


Currently, the Loan is non-performing having paid sporadically following a period of forbearance at the onset of the COVID-19 pandemic. As of September 2021, the Loan was paid to August 2021. The offering provides investors with the opportunity to acquire a non-performing loan at an attractive basis secured by a well-located hotel with significant performance upside.

Investment Highlights

POTENTIAL PATH TO TITLE

With the Loan in default, investors could potentially pursue remedies under the loan documents or a restructure with the Borrower.


OUTSIZED PERFORMANCE OUT OF COVID-19

While the Collateral has struggled amid the COVID-19 pandemic, performance has trended upwards. Its June ’21 TTM RevPAR ranks was the highest in its competitive set.


CONVENIENT ACCESS

The Collateral benefits from access via two interstates. Downtown Pittsburgh is less than 20 miles from the site

Tom Hall
Tom Hall
Managing Director, Capital Markets
Kyle Kaminski
Kyle Kaminski
Vice President, Production Support

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+6620260615
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$9.2 Million Non-Performing Loan (1 Properties)
Hampton Inn
Cranberry Township, United States
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Last Updated Date: 14 Oct 2021

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