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Optimus Properties Completes First Distressed Note Sale
Optimus Properties LLC, headquartered in Los Angeles, has completed the purchase and subsequent disposition of its first distressed note backed by real estate. The non-performing note was secured by a premier retail property located in the heart of Beverly Hills, and was purchased from a local bank.
While the initial trigger for the default wasn’t pandemic-related, the lender held onto the non-performing note for a substantial period of time prior to selling to Optimus this past March.
Optimus held the note for roughly two months before it was paid off in full and disposed of in May. It is believed that the new owner intends to occupy the property.
“We are currently negotiating the purchase of a second distressed note and are actively seeking further opportunities to expand this area of our portfolio,” said K. Joseph Shabani, principal at Optimus.
- ◦Sale/Acquisition
