Mission Capital Advisors, in conjunction with RealINSIGHT Marketplace, is pleased to offer the opportunity to acquire a $120,063,198 non-performing (maturity default) loan secured by a first-lien mortgage on a 299,349 nrsf in-line portion of a 1,550,533 sf super regional mall located in Lafayette, LA.
Value-Add Opportunity – As of the September 2018 Rent Roll the subject collateral had an 83.7% occupancy based on permanent tenants.
Strong Location – The Mall is well located, with excellent access and exposure from several major highways, including Johnston Street, Ambassador Caffery Parkway, and Interstate-10.
Foreclosure Initiated and Receiver In-Place – Foreclosure was initiated in December 2017, and a Receiver was appointed in February 2018. An order authorizing the U.S. Marshal to conduct a judicial foreclosure sale was entered on September 5, 2018. No sale date has been set.
The Loan was originated on March 8, 2007 in the amount of $150,400,000 for a 120-month term maturing on April 1, 2017. The purpose of the loan was to refinance the in-line portion of the mall, which serves as collateral for the loan. The loan featured monthly P&I payments of $869,589, with interest payable based on a fixed rate of 5.665% per annum and an Actual/360 accrual basis with a 360-month amortization schedule. The loan is past due for the balloon payment due at maturity. Foreclosure was initiated in December 2017, a Receiver was appointed in February 2018 and an order authorizing the U.S. Marshal to conduct a judicial foreclosure sale was entered on September 5, 2018. No sale date has been set as of October 23, 2018.
The single-story Mall is located in Lafayette, Louisiana. Constructed in 1979 (and renovated in 2007) on a 33.38-acre site, the mall complex contains 1,550,533 square feet comprised of 106 unique tenant spaces, including four anchor spaces (not collateral for the loan), food court and kiosks as well as numerous outparcels (not collateral for the loan). As of the September 2018 Rent Roll the subject collateral had an 83.7% occupancy based on permanent tenants. The Property contains 1,670 parking spaces (5.58/1,000 NRSF).
RealINSIGHT Marketplace and Mission Capital are pleased to offer Seller Approved Financing Options
Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of financing and loan sale transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit .
Mission Capital Advisors, LLC
41 Madison Avenue | 35th Floor | NY, NY | 10010
O - 212-941-2269
C - 917-450-5057
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.
Platform fee for this transaction is 5.00% or a minimum of $25,000.