(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19)
WOODBRIDGE, NJ–Helios Capital Advisors, an advisory firm specializing in the sale of commercial and residential mortgage loans and bank-owned assets, has completed the sale of a $17.35 million non-performing loan portfolio for BCB Community Bank of New Jersey.
“There is still distress on the banking side and banks are in a tough position to liquidate,” Steven M. Schultz, the Helios CEO tells GlobeSt.com. “Money is chasing this limited supply, so now is the ideal time for banks to dispose of these assets.”
Helios said the BCB loan sale was one of three portfolio sales his firm closed so far this year for New Jersey banks, for a total of $40 million. Helios has also closed an additional $50 million in individual loan sales for banks this year – and is working on another $70-$80 million in loans that are likely to close by the end of the year.
The deals involve distressed-asset loans with relatively small balances, Schultz says. The BCB portfolio included 52 individual loans on 17 commercial and 26 residential properties around the state; the portfolio was sold to a New York investment fund, Schultz says.
“Market conditions are still very choppy and on a downward path, fueled by uncertainty with the upcoming election, legislation issues and the general overall economic condition,” says the Helios chief.
The advisory company, which has offices in New York and Woodbridge, focuses only on the Tri-State market. Tony D. Georgiev, a senior director, said that that the recent transaction was BCB’s first loan sale. “Because of our expertise, bank executives knew they could come to us for an efficient sales process and proper execution of this complex transaction,” he says.
BCB was founded in 2000, and services large and small accounts, with locations in Bayonne, Jersey City, Hoboken, and Monroe Township.
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