RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire a $3,018,731 non-performing (maturity default) loan secured by a first-lien mortgage on a 11,157-sf freestanding drugstore located in McKeesport, Pennsylvania.
The loan was originated on April 25, 2007 in the amount of $3,300,000 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 monthly P&I payments of $19,237 with interest payable based on a fixed rate of 5.740% 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 property is located in McKeesport, Pennsylvania. Constructed in 2007 on a 2.98-acre site, the property contains 11,157 of net rentable square feet. As of October 2018, the subject property was fully occupied by a pharmaceutical company. The property contains 59 parking spaces (5.29/1,000 SF).
Fully Occupied Property – The Property has been continuously occupied by a pharmaceutical company since construction was completed in 2007 pursuant to a 20-year double-net lease.
Strong Location – The Property is located along one of the main commercial arteries in McKeesport, and features good access to Parkway East, which connects the community to the Pennsylvania Turnpike and Pittsburgh’s Central Business District.
Foreclosure Initiated – The Lender reported foreclosure proceedings have been initiated and the Court heard oral arguments on October 15, 2018 on the Lender’s motion for summary judgment.
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.