Cumberland Mall
Validation of investment thesis outperforming underwriting.
Property Type
Hotel
Investment Type
Credit/Lending
Brand
Date of Investment
October 2022
Location
Vineland, NJ
Keys
Units
Square Footage
680,283
Credit/Lending
Validation of Investment Thesis
Underwritten IRR of 21.4% achieved an IRR of 28.3%
Significant Marketable Land
Sold all outparcels for $37MM to a public REIT to pay off the loan.
Experienced Sponsor
One of the most active distressed mall buyers in the country. The firm’s substantial in-house capabilities give them an advantage, which typically rely on third parties to handle various transaction processes
Strong Basis
Loan represents $42/SF or 49% less than recent comparable sales
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