X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Having already brought more than $650 million worth of debt portfolios to market this quarter, Mission Capital Advisors announced Tuesday that it’s accepting bids for a $48.2-million commercial real estate mortgage loan and REO portfolio for a Southeastern regional bank. The locally based loan sale advisor is also in the due diligence period on a $221.4-million loan sale first reported by GlobeSt.com in February.

Mission is soliciting final bids for the purchase of individual loans/REO, any combination of loans/REO or the entire portfolio, secured by a variety of collateral types. Overall, there are 17 loans or REO assets available, including five loans in Florida, four loans in South Carolina and six loans and two REO assets in Georgia.

They include construction and refinancing loans on office, residential, retail and industrial properties, with unpaid principal balances ranging from $882,000 to $8.6 million. Final bids are due on March 23, according to an offering memorandum.

“The portfolio is divided into several single asset pools, allowing investors to target specific assets by performance, collateral type or geography based on their individual acquisition criteria,” says Will Sledge, director at Mission, in a release. “Another appealing aspect of this offering is that many of the assets include vertically constructed elements that can or do provide cash flow to offset operating expenses.”

Last month, Sledge told GlobeSt.com that “relative to our asset sales last year at this time, we have two to three times the amount of debt in the market. We do see an uptick in the need for services like ours. It’s likely that over the next couple of weeks, we’ll be engaged to market other portfolios on behalf of other institutional clients.”

Sledge told GlobeSt.com that the uptick in large portfolios was due partly to the current state of the market as well as the normal cycle of banks getting assets off their balance sheets. “Because of the slow movement on the REO side and in the true real estate market, the debt business as a means to move collateral off balance sheets is one of the only games in town now,” Sledge said in February. “It’s also a very quick process. Whereas the real estate market may take months if not a year to move a piece of real estate, on the debt market it’s generally a period of weeks.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.