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INDIANAPOLIS-Chicago-based Jones Lang LaSalle and its joint venture partner Irvine, CA-based REDC is offering a $2.09 million non-performing loan, which is secured by a 328,445-square-foot mixed-use property here. The sale, via online auction, is the first of what JLL and REDC executives hope to be many in an effort to assist banks and services in liquidating distressed and non-distressed commercial notes.

“We believe the online auction platform will be a formidable tool in maximizing the value of this note for ACAP Ventures LLC,” Mike Mounts, managing director of JLL’s Real Estate Investment Banking team. “Non-performing notes of this size tend to get lost in the shuffle of higher profile portfolio sales and this format will give us exposure to a wide array of potential investors, both within the Indianapolis market and across the United States.”

The Indianapolis property, dubbed Keystone at Fall Creek, includes a 15-floor multifamily building, more than 35,000 square feet of office/retail space and 287 self-storage units and an eight-story building. In 2006, the six-acre site was valued to be worth $10 million.

The auction will begin on November 12 and end on November 18. The bidding starts at $600,000, according to JLL executives.

JLL and REDC aren’t stopping with the Keystone at Fall Creek property. The JV hopes to utilize this online auction format for a number of commercial note transactions in the future.

“This is the first of many note sales to be auctioned off through our online disposition platform as the demand for optimal property disposal continues to grow. Note holders, banks and special servicers have been seeking ways to consolidate and monetize loans of all sizes and rid them from their balance sheets,” says Ken Rivkin, managing director of REDC. “This auction platform puts the control in the hands of the seller with a minimum bid and allows the transaction to happen in the most secure and timely fashion.”

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