"We represent a motivated seller that intends to sell these prime assets by Jan. 20, 2010," says Shlomi Ronen, Los Angeles-based managing director of Carlton Advisory Services, in a release. He says the three loans represent "some of the best assets in terms of location, asset type and investment size" that his company has marketed to date. The seller was not disclosed.

One of the loans is secured by a 145,000-square-foot Manhattan office building with ground-floor retail. The other two derive from substantially complete condominium projects: a 105-unit, mixed-use project in Northern California; and 32 luxury condos and eight apartments at a Southern California location.

The loans are being offered on a competitive sealed-bid basis, with indicative bids due Jan. 8. For more information, visit www.carltonexchange.com.

Last month, when Carlton introduced a variety of loans totaling $381 million to the market, Michaels told GlobeSt.com, "What is happening is that the banks are becoming more serious with respect to selling the assets and to selling them at prices that make sense." Up until now, Michaels says, the bid-ask gap was an issue; in addition, "banks were reluctant to sell until they got their arms around the assets. Also, banks have begun to make some profits, so they have the ability to take the losses on some of the assets. It's really a confluence of factors."

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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.

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