Project Description

In May 2015, Cygnus acquired a non-performing mortgage secured by a leasehold interest in an 83,221 sq. ft. office property located in Saddle Brook, NJ. The building was built in 1968 and had an unpaid loan balance of $5.84M. Cygnus purchased the asset for $1.65M (29% of UPB). Cygnus sold the asset in 2017 for $2.24M, following a two-year hold period, and achieved an IRR of 23.98% and a MOIC of 1.05x.

Project Details

Categories: