Park80, Saddle Brook, NJ

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.

By |July 17th, 2024|Categories: , |Tags: , |0 Comments

Cygnus ABQ, Cygnus Property Fund V

The Fund purchased a note secured by an 81,929 sqft flex/industrial/medical portfolio in Albuquerque, NM. Cygnus purchased the defaulted mortgage for ~35% discount to the unpaid principal balance (UPB) or less than $75psf on the underlying collateral. In March 2019, the Fund took the distressed note through the foreclosure process allowing us to unlock the value of the collateral fee simple. The portfolio is currently being held for income while value-add and disposition options are evaluated.

By |July 17th, 2024|Categories: , |Tags: , |0 Comments
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