On December 24, 2024, JDI funded a $4 million loan secured by a 7,000 SF multi-tenant retail property in St. John, United States Virgin Islands. While many lenders avoid the Virgin Islands, JDI capitalized on the opportunity to finance the island’s best-located retail property, with 100% occupancy and consistent financial performance. Our loan refinanced a maturing 2014 CMBS debt that had performed as agreed, even through the Covid pandemic. The property’s strong T-12 financial performance produced a debt yield in excess of 17% and a 43% loan to value based on a new appraisal. This deal exemplifies JDI’s ability to underwrite and fund loans in locations that are out of favor with more institutional lenders.
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