Did you read all the filings? it's apparently represents the mortgage on the building. Wallach bought it from his step-mother. So at least JCOF is paying rent to itself (which I expect will pay off some of the SBA note).
Yeah, I did see the $9k a month rent/ea to a few of its own properties. 110k a year in rent alone on some. The note itself did not specify that the line was collateralized by a property. It even provides "collateral" as a definition but it is not listed as a row. The mo. payments on this are 23k almost. Even if that building is internal property, there are still leased buildings located in several states that go from Maine, Cali, Florida, and Deleware. I'm surprised this is a 25 year loan, SBA loans rarely exceed 5-7. Although it could never be answered, I'd like to see the DTI and LTV on this.