(Carl Cronan is editor of Real EstateFlorida.)

MIAMI-First Financial Network Inc. is offering more than $400 million in real estate loans tied to multifamily properties throughout the Southeast, mostly in Florida. The advisory firm is marketing the package on behalf of an unnamed lending institution.

The portfolio is secured primarily by multifamily properties, including 39 scattered throughout Florida, four in Tennessee and one in North Carolina. The company says properties include condominiums, apartments and land, including some waterfront sites.

The average loan size is approximately $9 million, with the Florida properties predominantly located in major metropolitan areas such as Miami, Tampa, Orlando, Jacksonville and Fort Myers, says Merrie Duncan, a First Financial spokeswoman. Prospective buyers will have until June 5 to complete their due diligence, she adds."This offering represents the largest of its type in the last several years and is representative of the changing market conditions resulting from the decline of real estate values in the Southeast," says Bliss Morris, First Financial president and CEO. The marketing effort is being aimed at traditional whole-loan buyers, as well as domestic and international real estate investors and developers, she says.