Mission Capital Advises Commercial Executives
Mission Capital Advisors LLC, a commercial, residential and consumer loan and asset sale advisor here, is accepting bids for a $108 million portfolio of 20 subperforming and nonperforming commercial mortgage loans that are secured by commercial and residential real estate in Florida and Minnesota.
The portfolio is being sold on behalf of an unidentified Midwest bank client with a presence in the Florida market.
Mission Capital previously marketed a $131.2 million package of 18 similar loans for the same bank in March 2008, which was sold in its entirety to four different investors.
According to the company, the portfolio is divided into 20 single asset pools, allowing investors to target specific assets by performance, collateral type or geography based on their individual acquisition criteria. The real estate collateral consists of developed condominiums, waterfront land, office, retail mixed-use, commercial and residential development land, and assisted living collateral throughout western Florida and Minnesota.
"The worldwide financial crunch has spread beyond the residential market and has been negatively affecting the commercial real estate sector to the point where we're seeing a significant increase in commercial loans and loan portfolios going to market," said David Tobin, principal of Mission Capital.
Initially, Mission Capital is soliciting indicative bids from prospective bidders by May 28, with final bids due on June 17. The sale will be completed prior to the end of the second quarter.
The company has prepared an assessment of due diligence materials available to prospective bidders who have executed confidentiality agreements. "This is a very opportunistic time for those investors, banks, financial institutions and investment groups."
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