The New York metro portfolio encompasses a total of 105 performing, sub-performing and non-performing loans secured primarily by multifamily in addition to retail, office, and industrial collateral located in New York and northern New Jersey, according to an offering memorandum from Mission Capital. Largest of the pools is a 20-loan group secured by apartment, industrial and retail assets with a combined unpaid balance of $14.8 million. The seller, a major financial institution, was not disclosed.
"Offerings of this type in the New York/New Jersey market have been few and far between," says Will Sledge, managing director at Mission Capital, in a release. "We believe the transaction will be well received." Mission Capital is soliciting indicative bids on Nov. 18, with final bids due Dec. 10.
Indicative bids are also due later this month on a 33-loan portfolio with a combined unpaid balance of $198.5 million. The seller was not identified in a Mission Capital offering memo.
About $86.1 million of the loans are backed by a variety of multifamily, office, retail and industrial assets located in Arizona, Nevada and Utah. The remainder of the portfolio includes $25.3 million of loans in Florida, $20.1 million in Kansas, $10.3 million in Missouri, and individual loans totaling $56.7 million of assets in Illinois, Colorado and Utah.
In both loan sales, the portfolios are divided into multiple pools, allowing investors to target assets by size, performance, collateral type and location, according to Mission Capital. "Our strategy allows participation from a broad spectrum of investors, from 'mom and pop' owner/operators, who prefer to target a specific sub-market or asset, to larger institutional investors who may prefer to acquire multiple asset pools," Sledge says in a release.
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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.
