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Mission Capital To Market $300M CMBS Loan Portfolio

NEW YORK CITY-Mission Capital Advisors is being selected as the exclusive sale advisor for the portfolio comprised of office, retail and industrial loans.

By Ryan Clark | Updated on May 11, 2010

NEW YORK CITY-Mission Capital Advisors has been selected by CW Capital to be the exclusive sale advisor for a $300-million loan portfolio. The portfolio is comprised of 36 non-performing commercial-backed mortgage securities loans. The outstanding balance of these loans clocks in at $300 million.

“We’ve sold a lot of assets for them successfully over the last 12 months,” David Tobin, Mission Capital president, tells GlobeSt.com. The loans are secured by a few of the food groups and total 4.6 million square feet, spread throughout the US. The properties are located in: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Ohio, Maryland, Michigan, Minnesota, New Jersey, New York, Nevada, North Carolina, South Carolina, Texas, Washington and Wisconsin. The properties are a mix of office, retail, industrial, medical office and mixed-use.

Some of the markets do seem to be loosening up, as Voit recently was picked to market a 12-asset portfolio in Northern California. Tobin indicates that pricing has been getting better and some of the type of loans being offered are helping to move them, particularly for investors. “Sales being offered by CMBS special servicers [are often] income-type property,” whereas banks usually issue construction and land-building assets, Tobin explains. “Commercial real estate investors gravitate toward income property because it’s easier. It’s less complex.” This in turn leads to a lot of interest in these types of portfolios when they come out to market.

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