Irvine, Calif.—Auction.com LLC (www.auction.com), an online real estate marketplace, has been retained as the exclusive loan sale advisor for the sale of 447 performing multifamily loans with an unpaid principal balance of $601.3 million.
The portfolio balance is 7.5 percent fixed- and 92.5 percent floating-rate loans that have an average current balance of $1.3 million, a weighted average seasoning of 8.4 years, a weighted average remaining term of 6.2 years and a weighted average coupon of 4.8 percent. The loans are secured by 465 multifamily properties—with a combined total of 18,456 units—in 23 states. Sixty percent of the properties are in California and 11 percent are in Texas.
Prospective buyers may submit indicative bids for the entire portfolio, specific pools, or any combination of pools, which are divided into seven geographical regions. The largest regions are in California, which has 300 loans totaling more than $365 million representing 60.8 percent of the portfolio balance and Texas/Oklahoma with 43 loans totaling more than $95 million representing 15.9 percent of the portfolio balance.
Other geographic pools include the Northeast (6.5 percent of the portfolio with 36 loans totaling $39.6 million), West (7.1 percent of the portfolio with 31 loans totaling $42.8 million), Northwest (3.8 percent of the portfolio with 15 loans totaling $22.8 million), Midwest (3.1 percent of the portfolio with 15 loans totaling $18.6 million) and Southwest (2.7 percent of the portfolio with seven loans totaling $16.4 million).