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Besen Special Assets trades two commercial loans totaling $4.4 million

Red Bank, NJ - 2013-11-26

Jonathan Horn, managing partner of The Besen Group NJ and Besen Special Assets, arranged the closing of a non-performing and a sub-performing loan, secured by assets in Red Bank and Union totaling $4.4 million.

The sub-performing loan, secured by a 33,480 s/f warehouse building in Union, had an unpaid principal balance of $1.14 million. 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.

The non-performing loan, secured by a 27,700 s/f three-story office building in Red Bank 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."