OPC, in partnership with Rising Realty Partners and a U.S. private equity fund, closed on the acquisition of the non-performing $10.7 MM senior mortgage secured by an office property in Agoura Hills, CA. The JV purchased the non-performing loan at a 25% discount on the outstanding principal balance of the loan. Currently the JV is executing a $2.0 MM renovation plan, including painting the exterior of the building, re-landscaping, and upgrading the lobby, elevators and the common areas.
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Asset Type:
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Location:
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Size / Occ:
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Built / Reno:
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In-place NOI:
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Local Tenant / Drivers:
Office
Agoura Hills (Los Angeles), CA
61,852 sf / 75%
1984 / 2008 / 2017
$520K (est. Year 5 NOI; $1.1 MM)
Wealthy demographics with a population
of 51K and an HH income of $144K
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UPB:
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Status:
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Maturity Date:
$10.7 MM ($173 psf)
Non-Performing / REO
Defaulted / Foreclosure in
45 days
