JERSEY CITY-Helios Capital LLC, has arranged the sale of a $14.1 million, nonperforming commercial loan collateralized by 912-924 Bergen Avenue, a three-story, 60,000-square foot urban retail/office asset near Journal Square in Jersey City. Oritani Bank sold the loan at a “slight discount” to a private investor, says Jonathan Horn, senior managing director of Helios Capital. It matures July 1, 2018.
The new loan holder is a “local investor who owns a lot of urban retail, and a lot of assets on Bergen Avenue,” Horn tells GlobeSt.com. “It fit in with his portfolio very well.” The building consists of 44,000 square feet of retail space and 16,000 square feet of office space, as well as two advertising billboards and a telecommunication antenna. There is one, 1,350-square foot vacancy in the retail space.
The loan was in foreclosure, with summary judgment awarded, Horn notes. Oritani was collecting the rents. The first round of bids on the loan was due January 21, and the deal came together quickly, he adds.
However, the transaction is a sign that more deals are happening, as better assets are coming into the market. “There is a tremendous amount of capital seeking these deals that needs to be deployed,” Horn says, as well as less of a discrepancy between buyers and sellers. “This is a great asset.”
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