RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire a $3,182,642 non-performing (maturity default) loan secured by a first-lien mortgage on a 10,908-sf single-tenant retail property located in Johnstown, PA.
The loan was originated on April 25, 2007 in the amount of $3,487,000 for a 120-month term maturing on May 1, 2017. The purpose of the loan was to fund the acquisition of the subject property, which serves as collateral for the loan. The loan featured 60 months of interest-only payments followed by 60 months of P&I payments, with interest payable based on a fixed rate of 5.610% per annum and an Actual/360 accrual basis with a 420-month amortization schedule. The loan is past due for the balloon payment due at maturity.
The single-building, single-story retail property is located in Johnstown, Cambira County, Pennsylvania. Constructed in 1999 on a 1.18-acre site, the property contains 10,908 of net rentable square feet and is currently occupied by a pharmaceutical tenant. The Property has been continuously occupied by a pharmaceutical company since construction was completed in 1999 pursuant to a 20-year double net lease.
Fully Occupied Property – As of September 2018, the Property is fully occupied through March 2020 with four 5-year renewal options. The Property has been continuously occupied by a pharmaceutical company since construction was completed in 1999.
Strong Location and Demand Drivers – The Property is located along one of the main commercial arteries in the Johnstown area. The Westmont Shopping Center is adjacent to the Property to the west, which is a neighborhood retail center anchored by a movie theater, national fast food restaurants, Hallmark, Dollar Tree, and GNC. It is the only drugstore property within four miles. The closest Walgreens is 30 miles away.
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.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.