NEW YORK CITY—A $2.3-billion portfolio of mortgage loans held by GE Capital has sold to three separate financial institutions, CBRE Capital Markets said Monday. The company's national loan sale advisory groupserved as exclusive advisor to GE Capital on the sale of the portfolio, which was divested as part of the parent company's winding down of its financial services presence.

Deutsche Bank AG purchased the largest portfolio, which included 46 performing and sub-performing loans with a current unpaid principal balance of $1.59 billion. Waterfall Asset Management purchased a portfolio of 265 small balance loans from GE Capital's business property lending unit, which totaled $565 million in UPB.

Lastly, Newcastle Investment Corp. purchased two performing loans with a UPB of $157 million, secured by a portfolio of golf courses located across the country. Overall, the portfolio consisted of 313 loans secured by over 450 properties located throughout the US. It was one of the largest US portfolio loan sales since the 2008 capital markets crisis.

Patrick Arangio, vice chairman, and Jack Howard, SVP, both of CBRE's Midtown Manhattan office, exclusively advised GE Capital. “The robust interest from the market, both international and domestic, was a testament to the quality of the offering and the continued appetite for high-quality mortgage loans in the secondary market from the most sophisticated of institutions,” says Arangio.

Separately, GE Capital on Monday provided further information on the parent company's exit plan from financial services. GE Capital's US and international businesses will be separated, with both consolidated under new holding companies.

The US holding company will merge into and with GE, at which time an intermediate holding company will be formed that will hold GE Capital's US operations, GE Capital International Holdings and, pending its spinoff, Synchrony Financial. The reorganization is expected to be completed by year's end.