(Read more on the debt and equity markets and the multifamily market .)
NEW YORK CITY-Real estate investment bank Carlton Advisory Services Inc. has been retained by several Wall Street investment and commercial banks to assist them with the marketing and sale of more than $1 billion in troubled real estate loans. The loans are primarily a combination of failed condominium and development projects in the Southeast, sub-performing subprime residential mortgages and small balance commercial mortgages spread throughout the country.
Carlton has previously sold in excess of $7 billion in whole loans for various institutions. This business has picked up tremendously in recent months, according to Thomas McCarthy, managing director at Carlton, who tells GlobeSt.com that the current market climate helps Carlton at this time. "We get people liquidity for their assets," he adds.
A summary of the pending loan sale transactions are as follows: $120 million of residential subprime loan assets on behalf of a Wall Street investment bank; $16.5-million nonperforming mezzanine loan pertaining to a condominium conversion project for a subsidiary of a top 15 bank holding company; $480-million commercial floating rate pool on behalf of a private finance company; $76 million of residential option ARM loan assets on behalf of a Wall Street investment bank; $21-million nonperforming loan secured by a first lien on a condominium conversion project on behalf of a top 30 bank holding company; $112-million nonperforming development loan portfolio on behalf of a top 25 bank holding company; $106-million nonperforming development loan portfolio on behalf of a top 35 bank; $35-million residential subprime loan portfolio (negotiated transaction between a top 10 bank and a regional niche bank); $20.9 million of residential home equity loans on behalf of a Wall Street investment bank.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
