INVESTMENT: Mission Capital Advisors Tapped As Exclusive Sale Advisor for $119M Performing Commercial Mortgage Loan Portfolio
- Mar 24, 2010
New York—The loan sale advisior Mission Capital Advisors LLC is marketing a portfolio of 195 performing commercial mortgage loans with an outstanding balance of $119,509,870.
Over 75 percent of the portfolio is secured by multifamily assets located primarily in the greater New York City and Los Angeles Areas, with half of the multifamily assets including a ground floor commercial component.
The sale offers prospective bidders an opportunity to acquire performing assets secured by a variety of collateral types including multifamily, retail, office, mixed use and residential assets throughout New York, California, Connecticut, Massachusetts, Rhode Island and Washington.
On behalf of the seller, Mission Capital is initially soliciting indicative bids from prospective bidders for the purchase of individual loan pools, any combination of loan pools, any subset of assets subject to a minimum unpaid principal balance of $10 million, or the entire portfolio.
Overall, there are 195 loans available, including 95 loans in New York, 71 loans in California, 16 loans in Connecticut, nine loans in Massachusetts, three loans in Rhode Island and one loan in Washington.
“This portfolio has experienced strong performance since origination with a significant portion of the assets originated ‘post credit,’ with loans secured by vertically improved and operating collateral,” says Scott Myers, director at Mission Capital Advisors. “Eighty percent of the portfolio feature adjustable rate mortgages, and investors can ‘pick their spots’ by bidding for subset pools of loans with a minimum of $10 million based on preferences related to coupon, collateral type and geographic location.”
Investors would be required to finalize loan sale agreements prior to the final bid date on Apr. 13. Mission Capital, in conjunction with the seller, prepared a comprehensive array of due diligence materials that is available to prospective bidders who execute confidentiality agreements.