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CENTURY CITY, CA-The Los Angeles office of New York City-based Carlton Group has been tapped by a West Coast financial institution to market a $47 million portfolio of sub- and nonperforming commercial real estate, condominium and land development loans. Most of the loans are located in California, but there are also several assets in Nevada and Georgia as well.

Some of the California assets in the portfolio include a 20-unit vacation condominium building with excess residential land, 20,000 square feet of commercial land and a 29-unit motel on Pacific Coast Highway and 40,000 square feet of commercial land in what is described as a prime infill location in Los Angeles. Some of the other California assets include six live-work lofts just north of Los Angeles that are 54% complete, and six single-family residences in Los Angeles.

The $47 million portfolio is the latest in a series of assignments for Carlton and other firms in the L.A. area to market distressed assets. Howard L. Michaels, chairman of Carlton, notes that the new sealed bid loan sale is in addition to more than $300 million of loan and REO sales that the company is marketing. Of the 14 loans in the new portfolio, 12 are secured by collateral located in California.

Likely buyers for the assets in the new portfolio will be opportunistic loan buyers, developers and targeted land buyers, according to Michaels. He says that the sale will offer “loan assets for significant discounts to value as financial institutions continue to deleverage their balance sheets.”

Carlton managing directors Thomas McCarthy, Steven Yazdani, Shlomi Ronen, Farzin Emrani and senior vice president James Gosse are handling the sale for Carlton.

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