The Position
A senior loan in default on a 100% leased, irreplaceable waterfront asset with luxury redevelopment upside. Offered at a discount to verified payoff.
Seven-Component NPL Anatomy
Every dollar of the payoff balance. Stripped and stacked from the verified payoff statement.
| Component | Description | Amount |
|---|---|---|
| Principal Balance | Outstanding loan principal | $4,285,621.89 |
| Accrued Interest | Interest accrued at 16% default rate | $546,754.00 |
| Late Fees | Contractual late payment fees | $4,647.52 |
| Legal Fees | Lender legal costs | $45,187.69 |
| Rent Receiver Legal | Rent receiver appointment costs | $11,141.30 |
| Discharge Fee | Loan discharge / release fee | $364.50 |
| Total Payoff | Verified as of 05/15/2026 | $4,893,716.90 |
Resolution Projections
$1,904.72 accrues every day. The longer the note sits, the more the buyer acquires.
Accrual modeled at $1,904.72 per diem from the verified 05/15/2026 balance of $4,893,716.90. Shows total note value acquired by the buyer as default interest compounds. Illustrative only — actual balance subject to lender confirmation.
The Bid Process
Three steps. One deadline. Data room opens upon qualified bid acceptance.
Submit Qualified Bid
Submit letter of intent with proposed purchase price and proof of funds through June 16, 2026.
Bid Acceptance
Upon acceptance of a qualified bid, the data room opens with full loan documentation, title, appraisal, and collateral file.
Closing
Note purchase agreement executed. Senior credit position transferred to acquiring party with all lender rights intact.
8-Unit Waterfront Multifamily
Biscayne Bay frontage · 80’ private dockage · 0.24 acres · fully renovated 2024 · turnkey delivery. Asset currently in foreclosure.
Conflicting Representations
Offering materials conflict: one reflects a single 10-year anchor lease (Bal Harbor Wellness Retreat); another reflects an 8-unit residential rent roll. Confirm against executed leases and certified rent roll in data room.
Only Commercial-Zoned Waterfront Parcel
The only waterfront parcel in the immediate proximity zoned for commercial multifamily. Surrounding lots strictly residential — high-barrier entry point for developers.
Shovel-Ready Luxury Site
Entitlements and architectural plans for a luxury boutique condominium deliver maximum land value without vertical construction risk. Canal-front positioning provides irreplaceable water views.
$7.25M As-Is · $9.5M Opinion
$7,549,000 per verified payoff statement. As-is stated $7,250,000. Sponsor opinion of value $9.5M stabilized. Confirm via independent appraisal.
55.6% LTV · 44.4% Discount
~$4,200,000 bid against $7,549,000 appraised collateral. $3,349,000 embedded cushion at entry. 14.2% below verified payoff balance.
Offering materials present two conflicting income representations for the same asset. Neither is independently verified. Both are reproduced below pending confirmation against executed leases, estoppels, and a certified rent roll in the data room.
100% leased to Bal Harbor Wellness Retreat as a luxury treatment center on a 10-year anchor lease.
Eight individual apartment tenancies · 7 occupied · 1 vacant · $319,100 gross annual income · 4.95% cap rate.
| Unit | Type | Bed / Bath | Status | Monthly Rent |
|---|---|---|---|---|
| 101 | First Floor · Street View | 2 bd / 2 ba | Occupied | $2,800 |
| 102 | First Floor · Center | 1 bd / 1 ba | Vacant | — |
| 103 | First Floor · Ocean View | 2 bd / 2 ba | Occupied | $3,750 |
| 104 | First Floor · Ocean View | 2 bd / 2 ba | Occupied | $4,000 |
| 205 | Second Floor · Street View | 2 bd / 2 ba | Occupied | $2,850 |
| 206 | Second Floor · Center | 1 bd / 1 ba | Occupied | $2,275 |
| 207 | Second Floor · Ocean View | 2 bd / 2 ba | Occupied | $4,000 |
| 208 | Second Floor · Ocean View | 2 bd / 2 ba | Occupied | $4,000 |
| Gross Monthly Income | $23,675 | |||
The Optic Anchor
We do not chase capital.
We prepare the position so capital can recognize it.
Capital follows attention — not the other way around.