Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY—Locally based Mission Capital Advisors says it’s marketing a portfolio of commercial mortgage loans with an outstanding balance of $158.1 million for its client, a commercial bank. Indicative bids are due July 8, according to the offering memorandum on the loan sale.

The sale offers prospective bidders an opportunity to acquire performing, sub- and non-performing assets secured by a variety of collateral types throughout multiple states, according to the memorandum. Most of the assets have been vertically improved and are providing cash flow to offset operating expenses, the memorandum states.

According to a release, Mission Capital is initially soliciting indicative bids from prospective bidders for the purchase of individual loans, any combination of loans or the entire portfolio of 12 loans. The loans, 10 of which are sub-performing or non-performing, are secured by collateral located primarily in California or Florida, although one of the properties is in Mississippi and two are in New York State.

The assets include four multifamily properties, two office buildings, two industrial facilities, two self-storage locations, a hotel and two acres of land, according to the offering memorandum. Current unpaid balances range in size from $1.4 million to $29 million. The portfolio sale pool may increase as assets are added, according to the memorandum.

“The secondary market has been awash in acquisition and development asset sales and investors have been vocal in their desire to acquire loans secured by vertically improved and operating collateral where a broader array of workout options exist,” says Will Sledge, managing director at Mission Capital Advisors, in a release. “This loan sale represents just such an opportunity.”

Sledge adds that the loan portfolio includes “a balanced mix of asset classes, locations and performance type. In terms of bidding, Mission allows investors to pick their spots and bid individual credits based on their preferences.”

Following selection of the final bidders, the non-contingent final bid date is July 28. Closing date on the loan sale is scheduled for August 4.

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?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.