Mission Capital Advisors LLC, a commercial and residential loan-sale adviser with offices in New York, Florida, Texas and California, is currently marketing a portfolio of 195 performing commercial mortgage loans with an outstanding balance of approximately $119.51 million.
The sale includes performing assets secured by a variety of collateral types, including multifamily, retail, office, mixed-use and residential assets throughout New York, California, Connecticut, Massachusetts, Rhode Island and Washington.
Over 75% of the portfolio is secured by multifamily assets located primarily in the greater New York City and Los Angeles areas, with half of the multifamily assets including a ground-floor commercial component.
On behalf of the seller, Mission Capital is initially soliciting indicative bids on March 23 from prospective bidders for the purchase of individual loan pools, any combination of loan pools, any subset of assets subject to a minimum unpaid principal balance of $10 million or the entire portfolio. Overall, there are 195 loans available, including 95 loans in New York, 71 loans in California, 16 loans in Connecticut, nine loans in Massachusetts, three loans in Rhode Island and one loan in Washington.
‘This portfolio has experienced strong performance since origination, with a significant portion of the assets originated 'post credit,' with loans secured by vertically improved and operating collateral,’ says Scott Myers, director at Mission Capital Advisors. ‘Eighty percent of the portfolio features adjustable-rate mortgages, and investors can 'pick their spots' by bidding for subset pools of loans with a minimum of $10 million based on preferences related to coupon, collateral type and geographic location.’
Investors will be required to finalize loan-sale agreements prior to the final bid date, on April 3.
SOURCE: Mission Capital Advisors LLC