Besen Special Assets trades $2.5 million Brooklyn loan portfolio

According to Jonathan Horn, managing partner of The Besen Group NJ and Besen Special Assets, the firm arranged the closing of a portfolio of three non-performing loans, secured by multifamily assets. With a combined unpaid principal balance of $2.454 million and a total outstanding balance of $2.989 million, all three loans were accelerated and the lender was in the process of filing the summons and complaint. "Acting as the advisors to a private equity fund, our team sourced and executed the all-cash, off-market trade transaction in less than three weeks, securing an undisclosed private investor as the buyer," said managing director Samuel Boyd. "Another example of Besen's ability to quickly and efficiently trade loans while still achieving great returns for the seller." The first loan, having an unpaid principal balance of $744,000, was secured by a 9,500 s/f four-story multifamily building on Prospect Place. The collateral asset, constructed in 1905, featured eight two-bedroom apartments. The second loan held an unpaid principal balance of $690,000, and was secured by a three-story multifamily walk-up measuring 6,006 gross s/f. Built in 1907 and located on Troy Ave., the asset boasted six studios and six one-bedroom apartments. The final loan, secured by two adjacent four-story multifamily buildings, had an unpaid principal balance of $1.02 million. The collateral assets, constructed in 1909 and measuring 13,760 gross s/f, are located on St. John's Place and feature eight one-bedroom apartments in each building. The collateral assets, which feature a collective 36 studio, one-bedroom and two-bedroom apartments, had over 220 open class A, B and C violations. "These three loans are a great example of the Special Assets team's ability to trade small balance commercial loans secured by all asset types and all asset classes," said Horn. "The subject assets had over 200 building violations and we were still able to finalize an all cash deal in less than three weeks."