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Non-performing Note Secured by a Class A Office Tower

Investment Highlights

  • Non-Performing Note Status - Receiver in place and Lender is taking prudent steps toward foreclosure
  • Favorable Basis Value with Value-Add Opportunity - A new noteholder or new ownership has an opportunity to reset the investment basis to be in a competitive market position for new leasing or repositioning the asset
  • Significant Near-Term Cash Flow - Contractual rental income is in place for nearly 3 years from a diverse mix of high-quality tenants
  • Occupied by Strong Tenancy - Includes strength of 14 diverse office tenants including notable Louisville institutions such as an Investment Bank and Law Firm with 130,100 and 74,142 square feet, respectively
  • Desirable Amenities Nearby - The 4th Street Live entertainment district is within walking distance in addition to a myriad of other popular tenant amenities
  • Landmark Asset -  Designed by architect, Welton Becket, the Property is a Class A office tower in the heart of Louisville CBD with sweeping views of downtown and Ohio River
  • Value-Add Component - At 65.4% occupied, the Property offers an attractive “value add” opportunity to achieve stabilization in a 14.1% vacant market for Class A product.  Further, full floors are available for leasing as well as signage opportunity for a new anchor tenant
  • Top Floor Available -  A unique opportunity is presented with the Property’s top floor available for lease
  • New Lobby Renovation - current owner has invested capital to renovate the lobby with attractive finishes for current and future tenants

 

RealINSIGHT Marketplace and Cushman & Wakefield are pleased to present the opportunity to acquire a non-performing commercial mortgage loan with an outstanding balance of $56,528,522 (the “Note” or “Loan”).  The Note is secured by a 29-story, 576,645 square-foot, multi-tenant, CBD office tower building located in Louisville, KY (the “Property”). 

 

The tower was delivered in 1971 and was renovated in 2007, the building is situated on a 1.16-acre site in the Louisville, KY CBD. The 29-story building is a prominent fixture in Louisville’s skyline with commanding river views from the upper floors.  Prospective investors are afforded a unique opportunity to acquire this $56.5 million non-performing loan following a maturity default in March 2017. 

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Non-performing Note Secured by a Class A Office Tower

Louisville, KY

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Asset Snapshot

  • Asset Type
  • Note
  • Loan Status
  • Non-Performing
  • Original Balance
  • $61,000,000
  • Unpaid Balance (UPB)
  • $56,296,823
  • UPB As Of Date
  • Jul 11, 2018
  • Maturity Date
  • Mar 11, 2017
  • Note Rate
  • 5.99500%
  •  
  • Office Type
  • CBD Office
  • Property Size
  • 576,645 Sq Ft
  • Land Area
  • 1.16 Acres
  • Year Built
  • 1971
  • Year Renovated
  • 2007
  • Number of Floors
  • 29
  • Number of Buildings
  • 1
  • Parking Count
  • 85
  • Occupancy
  • 65.42%
  • Occupancy as of
  • Jul 31, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.