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Mission Conducts $120M NY Metro Loan Sale

NEW YORK CITY-Indicative bids are due Nov. 18 on a pool of 105 loans backed by assets in New York and northern New Jersey.

By Paul Bubny | Updated on November 04, 2009

NEW YORK CITY-Mission Capital Advisors announced Tuesday that it’s marketing a portfolio of New York metro-area commercial loans with a combined balance of about $120 million. Separately, the locally based company is conducting a sale of a larger portfolio backed by commercial assets in Florida, the Midwest and western states.

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.

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