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NEW YORK CITY-Mission Capital Advisors has been selected by CW Capital to be the exclusive sale advisor for a $300-million loan portfolio. The portfolio is comprised of 36 non-performing commercial-backed mortgage securities loans. The outstanding balance of these loans clocks in at $300 million.

“We’ve sold a lot of assets for them successfully over the last 12 months,” David Tobin, Mission Capital president, tells GlobeSt.com. The loans are secured by a few of the food groups and total 4.6 million square feet, spread throughout the US. The properties are located in: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Ohio, Maryland, Michigan, Minnesota, New Jersey, New York, Nevada, North Carolina, South Carolina, Texas, Washington and Wisconsin. The properties are a mix of office, retail, industrial, medical office and mixed-use.

Some of the markets do seem to be loosening up, as Voit recently was picked to market a 12-asset portfolio in Northern California. Tobin indicates that pricing has been getting better and some of the type of loans being offered are helping to move them, particularly for investors. “Sales being offered by CMBS special servicers [are often] income-type property,” whereas banks usually issue construction and land-building assets, Tobin explains. “Commercial real estate investors gravitate toward income property because it’s easier. It’s less complex.” This in turn leads to a lot of interest in these types of portfolios when they come out to market.

A few of the properties are $170 million of the loans are secured by office, with the largest five located in Cherry Hill, NJ; Southfield, MI; Great Nec, NY; Chula Vista, CA; and Thornton, CO. Retail secures about $75 million worth of the loans totaling one million square feet, while $39 million are secured by 1.5 million square feet of industrial properties.

According to Mission Capital, the loans will respectively be sold out of separate CMBS trusts and “investors will be required to provide individual, loan-level bid pricing for each asset.” Investors will have the ability to pick and choose which loans or combinations of loans to bid upon within the portfolio, although each investor will be required fill out a confidentiality agreement.

Selling the loans individually lands the best overall price, Tobin points out, plus it broadens the base of companies and investors willing to throw their hat into the bidding process. Mission Capital is receiving indicative bids by May 26 and will finalize loan sale agreements prior to the final bid date on June 23.

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