(Mark Your Calendars: RealShare Distressed Assets takes place Oct. 4-5 in Grapevine, TX. RealShare New York takes place Oct. 12 at the Marriott Marquis.)
NEW YORK CITY-Bids have come in from some of the highest-profile firms in the business on Anglo Irish Bank Corp.’s $9.65-billion portfolio of US commercial mortgages, including debt on the Apthorp luxury condominium building on Manhattan’s Upper West Side, according to published reports. The first round of bids on the portfolio was due by close of business on Tuesday, and the bidding dovetails with another Irish lender’s efforts to wind down its US real estate debt portfolio, as Bank of Ireland is reportedly in a deal to sell $1.4 billion of commercial mortgages to Wells Fargo.
Sources familiar with the marketing efforts confirm reports by Bloomberg and the Wall Street Journal that the Anglo Irish package of 248 performing, subperforming and nonperforming loans drew bids from more than two dozen real estate investors and banks. Among those planning to submit bids, published reports say, were a partnership of the Blackstone Group, Deutsche Bank and Goldman Sachs; a venture led by Centerbridge Partners and also including AIG, Paulson & Co. and BlackRock; Colony Capital; LNR Property LLC; and a partnership of TPG Capital, Lubert-Adler Partners LP and Pimco. A spokeswoman for Anglo Irish declines comment, as does a Blackstone spokesman, while GlobeSt.com’s request for comment to Centerbridge was not returned by deadline.
We Also Recommend:
Citing an offering document from Eastdil Secured, the WSJ reported that the portfolio has been divided into eight pools. The largest of these consists of $2.26 billion of distressed office and industrial loans. Potential buyers could bid on one or all of the pools.
A winning bid could be selected as early as next month, according to the WSJ. Eastdil managing director Doug Harmon did not return GlobeSt.com’s phone calls by early Wednesday afternoon.
The Bank of Ireland portfolio includes 25 performing loans backed by commercial properties mainly in New York City, Boston and Washington, DC, according to the WSJ. Wells Fargo and Bank of Ireland declined to comment Wednesday, as did a spokeswoman for HFF, which advised the Irish lender on the portfolio sale.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.