The sale offers prospective bidders an opportunity to acquire performing, sub- and non-performing assets secured by a variety of collateral types throughout multiple states, according to the memorandum. Most of the assets have been vertically improved and are providing cash flow to offset operating expenses, the memorandum states.
According to a release, Mission Capital is initially soliciting indicative bids from prospective bidders for the purchase of individual loans, any combination of loans or the entire portfolio of 12 loans. The loans, 10 of which are sub-performing or non-performing, are secured by collateral located primarily in California or Florida, although one of the properties is in Mississippi and two are in New York State.
The assets include four multifamily properties, two office buildings, two industrial facilities, two self-storage locations, a hotel and two acres of land, according to the offering memorandum. Current unpaid balances range in size from $1.4 million to $29 million. The portfolio sale pool may increase as assets are added, according to the memorandum.
"The secondary market has been awash in acquisition and development asset sales and investors have been vocal in their desire to acquire loans secured by vertically improved and operating collateral where a broader array of workout options exist," says Will Sledge, managing director at Mission Capital Advisors, in a release. "This loan sale represents just such an opportunity."
Sledge adds that the loan portfolio includes "a balanced mix of asset classes, locations and performance type. In terms of bidding, Mission allows investors to pick their spots and bid individual credits based on their preferences."
Following selection of the final bidders, the non-contingent final bid date is July 28. Closing date on the loan sale is scheduled for August 4.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
