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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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