NEW YORK CITY-The Carlton Exchange has been retained as the exclusive seller of $10 million of non-performing first mortgage loans secured by eight commercial office, retail and hospitality properties located throughout the United States. In a release, Carlton chairman Howard Michaels calls it “a great opportunity for investors to utilize the Carlton Exchange to bid on and acquire loans backed by cash-generating assets.”
The loans are being offered on a competitive real time-bid basis and prospective bidders may bid on individual assets, bidder-defined asset pools or on the entire portfolio. Prospective bidders may bid at anytime by completing and submitting a bid form that can be found by clicking here.
Among the assets are a three-story, Mission-style boutique hotel in Colorado Springs CO, initially built in 1921 and renovated in 1993. There are also a pair of properties in the Southeast: a 1.58-acre land site in Pembroke Pines, FL and a 7,100-square-foot multi-tenant building in the Atlanta suburb of Douglasville, GA.
A 207-room hotel in Goshen, IN and a pair of retail assets in Washington, IN and Grawn, MI are also in the portfolio, as is a 3,100-square-foot automotive service facility in Brockport, NY. Earlier this year, Carlton’s Joe Korbar told GlobeSt.com that such geographically diverse portfolios offered advantages for both sellers and buyers.
For sellers, part of the appeal is “reducing concentration of risk,” said Korbar, managing director at Carlton. “Also, you can optimize your pricing by not just focusing on one distressed region or city. And the buyer’s advantage is that you have more assets that are nationally dispersed. You open up a whole new buyer’s market.”
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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.
