Auction.com Offers $600M of MF Loans

IRVINE, CA-Auction.com 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. Auction.com tells GlobeSt.com that a single source has retained the marketplace for the portfolio sale, but was unable to disclose any further details about that source.

The loans are secured by 465 multifamily properties with a combined total of 18,456 units in 23 states. The portfolio balance is 7.5% fixed- and 92.5% 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%. A total of 60% of the properties are in California, and 11% are in Texas.

Interested buyers are may submit indicative bids for the entire portfolio, specific pools of properties 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% of the portfolio balance, and Texas/Oklahoma with 43 loans totaling more than $95 million representing 15.9% of the portfolio balance.

Other geographic pools in the portfolio include the Northeast (6.5% of the portfolio with 36 loans totaling $39.6 million), West (7.1% of the portfolio with 31 loans totaling $42.8 million), Northwest (3.8% of the portfolio with 15 loans totaling $22.8 million), Midwest (3.1% of the portfolio with 15 loans totaling $18.6 million) and Southwest (2.7% of the portfolio with seven loans totaling $16.4 million).

Indicative bids on the portfolio are due no later than November 1; the final auction is December 5.

As GlobeSt.com reported earlier this month, Auction.com closed 24 online auction transactions for commercial assets during the two-week period of September 6-20. The assets were in 14 states and had a combined total value of more than $83 million.