A delinquent commercial real estate loan secured by an office building in downtown Jamestown is being auctioned by a national online firm, as the current lender seeks to unload a problem borrower that hasn’t made a payment since December 2008.
The $174,900 loan, backed by a 9,632-square-foot office building at 341-343 E. Third St., is being sold online by Auction.com from April 22-24. The loan, originally $300,000 with a 4.75 percent floating rate, is slated to mature April 1, 2015. The starting bid is $2,500.
If the loan is not repaid, the owner of the loan gets the office building.
Built in 1900 on 0.2 acres, the fully occupied brick building has two floors of office space and an apartment on the third floor.