LOS ANGELES— CWCapital Asset Management has sold a 62-mortgage-loan and asset portfolio for a notional balance of $2.5 billion, which includes the current balance of the loan assets and the cutoff balance before converting to owned real estate. The portfolio has retail, office and hospitality properties across the US.
CWCAM received over 150 offers from US and international buyers, who were interested in buying both the whole portfolio and portions of it. Eventually, the firm broke the portfolio in to nine asset pools and sold them through 13 separate closings.
CBRE‘s national loan sale advisory group advised CWCAM in the massive transaction. Brokers Patrick Arangio, Dave Dorros, Jack Howard and Kurt Altvater led the advisory services along with more than 30 CBRE brokerage teams who assisted in the deal. “The successful results of this transaction show the true power of collaboration and reinforce the benefits of CBRE’s proven sale process and industry leading platform,” says Arangio. “The results also underscore the ongoing strong demand for real estate assets as property values continue to recover.” CBRE brokers involved in the transaction were not able to provide further comment prior to publication.
This is the latest portfolio sale from CWCAM, who has been busy selling off its under-performing assets. Auction.com sold another 60 assets on behalf of CWCAM last month. In February, CIM Group bought a seven-asset portfolio, which included Two California Plaza and Montclair Plaza, for an undisclosed amount, while Starwood Capital purchased 11 office and retail properties for $191 million.