Auction.com will be hosting an online auction to acquire a loan for a 9,632-square-foot office building in Jamestown starting Monday.
The property is located at 341-343 E. Third St. It features two floors of office space, a basement storage area and a third-floor apartment, with additional storage space. The starting bid for the loan is $2,500. The online auction runs from Monday until Wednesday.
The commercial real estate loan is delinquent, with no payment made on the property since December 2008. The current lender is looking to auction the loan that still has $174,900 left to be paid. The loan was originally $300,000, with a 4.75 percent floating rate. It is scheduled to mature April 1, 2015. If the loan is not repaid, the owner of the loan gets the office building.
A delinquent loan for the office building located at 341-343 E. Third St., will be auctioned online starting Monday. Staring bids for the loan start at $2,500.
P-J photo by Dennis Phillips