BOSTON-DebtX revealed that it will sell $334 million in loans for a real estate fund that filed for Chapter 11 bankruptcy. The locally-based advisor has been named the exclusive agent for the portfolio. The fund was not mentioned. Bids on these loans are being accepted on January 19.
The 18-loan portfolio is comprised of advances mostly in acquisition, development and construction, and these are secured by land in nine US states. Noteworthy items in the package are a $61 million non-performing loan in Wyoming and a $55 million loan in California that is collateralized by land and water rights.
“Given the unique nature of many of the properties secured by these loans,” DebtX CEO Kingsley Greenland was quoted as saying in a statement, “we expect strong interest from local, national and international investors.”
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