RED BANK, NJ - Jonathan B. Horn, Managing Partner of The Besen Group NJ and Besen Special Assets, is pleased to announce the closing of a non-performing and a sub-performing loan, secured by assets in Red Bank, NJ and Union, NJ.
The sub-performing loan, secured by a 33,480 SF warehouse building in Union, NJ, had an unpaid principal balance of $1,140,000. Acting as the exclusive advisors to a New York City based community bank, the team at Besen Special Assets sourced and executed the all-cash transaction in less than three weeks, securing a California-based hedge fund as the buyer.
“Disposing of commercial and residential loans on behalf of financial institutions allows lenders to free up capital, clean up their balance sheets and ultimately reinvest this capital back into the local markets,” Managing Director Samuel P. Boyd states.
The collateral was 60% vacant at the time of sale and the loan was over 60 days delinquent. The borrower had been repeatedly and frequently delinquent since 2008.
The non-performing loan, secured by a 27,700 SF three-story office building in Red Bank, NJ, attracted a high net worth private investor as the buyer in less than two weeks. Monmouth County specialist Zachary Tuckman sourced and executed the all-cash transaction on behalf of an undisclosed national bank.
The subject collateral, which was environmentally contaminated and more than 50% vacant at the time of sale, had an unpaid principal balance of $3,275,000.00, a Lis Pendens had been filed on May 6, 2012 and there was a court appointed receiver in place.
“These two loans are a great example of the Special Assets team’s ability to trade loans secured by all assets types and all performance classes,” commented Horn, “We consistently trade anything from brand new originations, 30-90 day delinquencies, final judgments and assignment of bids the day of a sheriff sale.”
About Besen Special Assets
The Besen Special Assets group is the market’s preeminent full-service advisory platform providing a comprehensive range of business lines related to the valuation and disposition of small balance commercial and residential mortgage loans and REO assets in the secondary market secured by all asset types across all performance classes.
For more information about Besen Special Assets, please visit www.besengroup.com.