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Carlton Markets Pools of FL, CA, NV Loans

NEW YORK CITY-The bid-ask gap has been narrowing on sub and non-performing loans at auction, says Carlton's Tom McCarthy.

By Cody Lyon | Updated on May 20, 2009

NEW YORK CITY-Carlton Group CEO Howard Michaels says his company has been hired by an institutional seller to sell around $268 million in mostly sub- and non-performing residential development and hospitality loans in Florida, Nevada and California. Managing director Thomas McCarthy tells GlobeSt.com he cannot identify the institutional lender that retained his company.

Included among the two sets of loans are 28 assets that include a multi-tenant commercial/industrial building, the penthouse of a 16-story condo building, several large finished custom estate homes in a gated community and around 1,000 acres of undeveloped land zoned for large residential lots, according to offerings posted on the Carlton auction website. McCarthy says the loans are being offered on a competitive sealed-bid basis and prospective bidders can bid on the assets individually or collectively as portfolios.

He says the Carlton Group, which saw over $4 billion in equity and debt financing in 2008, has seen business grow slowly this year, but by the second half of next year, “we’re contemplating that business will be quite active.” He adds that at the auction site, he’s noticed that the bid-ask gap is narrowing.

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